Hi,
I don't think you are quite right with your middle paragraph. Using an EP with too large an exit pupil does result in 'wasted light' because you can't get all that light into your eye. You moving your eye around doesn't mean you are picking up any extra light, you are still only receiving the same amount of light on your retina. If the loss was, for example, 10%, it would still be a 10% loss regardless of where you looked. You can't physically get all that light into you eye so there is always 'wasted light'. With the 100° EPs (as long as they fall within the limits of your pupil size) you are not losing any light. Your retina is receiving 100% of the light leaving the EP regardless of the angle at which you observe through the EP.
I'm sure there must be some diagrams to explain, I'll have a look.
The 'wasted light' bit has never bothered me though, because if it is a pleasurable view, what difference does it make?