I agree with all your points except the bit about sedrick Ellis

When you pick a player with the 8th pick in the first round, average is not good enough, nothing short of being good is acceptable when he was that good in college
The fact that he seems like a below average player makes me think he's a bust, especially when he held out for more money (even though that was his agents move)

I guess it depends on your definition of bust.

To me, busts are Jonathan Sullivan, Ryan Leaf, Alex Molden, etc... not someone who was somewhat productive for 4 or 5 years in the league.