Verb: A waste time that one can quit at any given moment without consequence.
Dillydallying must be a waste of time, though it may be enriching. It must not have a greater goal other than general procrastination or extention of inexertion. One may dilly dally without knowing, or it may be intentional, but overal it should waste your time/and or the time of others. Generally such activities that fall under the category of dilly dallying are pointless, needless, and just interesting enough to keep one's general focus without requiring too much mental capacity and potential for short-term burn out. Essentially, you could do this activity for all eternity, or for 3 minutes.
An expression used to chastize someone who is wasting time, focusing on unimportant things, procratinating, or otherwise being an emo blond-haired sissy boy.
NOTE: In Square Enix straight-to-DVD GC movie sequel to Final Fantasy VII, Advent Children, dilly dally shilly shally is used as the translation to "Zuru zuru zuru zuru" in the japanese version... WTF
Dilly dally shilly shally... Cloud, you need to save the kids before their eyes get all fucked up!