I feel like I've seen this in a few places, as post draft 'all time' bust lists are compiled.  Makes absolutely no sense to me.   He's not sexy sure, but calling him a bust is quite a stretch in my book.   Especially when you consider some other TE's who were drafted higher and have much more 'bustable' careers:

After Graham was drafted:

Kellen Winslow Jr (suspect 1 to me)

Ben Watson - to me Watson is more of a bust then Graham, though I really wouldn't call him one either.

From the same draft as Graham: 

The Jeremy's (Shockey and Stevens)

Before Graham was drafted:

Bubba Franks

Anthony Becht

He's a blocking TE that in hindsight probably isn't worth a 1st round pick, but he's still an NFL starter 8 years in and has played in 12 or more games (13.7 avg) each year in the league.  

I would argue a player who is repeatedly injured, was traded away from the team who drafted him - or both, should be more closely considered a bust then a guy who has been productive enough to start every year in the NFL, just not productive enough in the "sexy" categories.