at what point would you consider him a bust? If by his 3rd and 4th seasons he's still averaging pedestrian numbers, would you then consider him a bust?
The "bust" label is largely associated with where you are picked in the draft. If Batum doesn't improve over where he is now, would he be considered a bust? Probably not because he was a very late pick and he is a serviceable role player.
Oden, on the other hand, was a #1 pick and especially when you factor in the opportunity cost (the forgoing of Kevin Durant), having a serviceable role-playing Oden would in most respects be considered a bust.
However, such judgments are often easy to make two or three years down the road.
If we had Durant, we'd probably love his offensive prowess but complain about his defense, etc. Perhaps we'd look at him as an upgraded Outlaw (but knowing us, we'd still question many aspects of his game).
Sometimes the opportunity costs (for example, Martell over Paul) result in better payoffs down the road (we got Roy & Aldridge); sometimes they are just sunk costs and you look back in hindsight (great to have) and say "Well, sounded good at the time".
I think any judgment of Oden at this point is suspect. One of the things that made him so highly regarded coming out of college was his athleticism. This year, coming off surgery, he didn't have that athleticism and without it, he is a serviceable, but not great center. If he'd had the MF in college and then had to wait to recover and played as he did this year, he would probably have been a mid-first round pick - not a high lottery pick.
We've seen other players recover from MF surgery and it has almost always required them at least a year (of playing) to get back to where they were before. Let's see what happens with GO over the summer and how he looks next year. At that point, the apologists/give the benefit of a doubt people won't have an excuse (hey, I'm one of them) and, I think, we'll have a better picture of who GO is and what we can expect from him in regard to long-term plans for the Blazers.
Gramps...