Ubuntustudio 11.04 , is it good or i am wasting my time?

The nice thing about the way Linux is set up is that it doesn't matter. If you download and install Ubuntu, you can just open up Synaptic and install the ubuntustudio package (or the kubuntu package or the xubuntu package) and it will download all the files that are different between the environments. Which in the case of Ubuntu Studio is just going to be a bunch of audio and video editing programs.