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:
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.