It's obvious that in this point in Oden's career, we have sufficient evidence that strongly suggests he is a bust.
Your definition of "bust" is pretty wonky, imo. Michael Olowakandi was a "bust", because he came into the league at 23 and never showed much improvement in 9 years.
Gerald Green is considered a "bust" to people who had high expectations, because he hasn't amounted to crap in 5 seasons. Same with Kedrick Brown. Sam Bowie was a solid NBA player early in his career, but not nearly good enough to justify being taken over Michael Jordan.
Kwame Brown is unquestionably a bust... 8 years into his career and he's still a bum. Darko is unquestionably a bust...
Greg Oden has only played 46 NBA games while unhealthy and statistically has been one of the best players in either his draft class or rookie class... assuming he gets healthy, his potential is still extremely high.
You can say, "his rookie season is a disappointment... I though he'd magically be like Tim Duncan as a rookie despite only playing a handful of college games, taking a year off of basketball and playing at 60% all season... instead we got rookie-esque Dwight Howard"
But saying, "he's a bust" is kinda silly. Wait a few years to see what happens. I'd be foolish to call him a bust right now. Way too many questions and variables. I'm not sure how much pain he's playing in, how limited his athleticism, strength and explosiveness is from coming off surgery, how limited his timing and feel for the game is after taking a year off... how limited his game is from missing the preseason and the first couple weeks of the regular season... how much he's struggling to fit into a playoff team as a rookie and how difficult he's finding it to fit into his specific role (they aren't asking him to be a star) in limited minutes... how much the pressure of the rookie season is weighing on him and how much a difference it will make if he learns how to stay out of foul trouble... etc.
Durant got to spend an entire season in an empty Seattle arena jacking up shots, shooting a dreadful percentage on a team without any expectations whatsoever... got as many minutes as he needed and wasn't asked to play defense. Now he's a 2nd year player in Oklahoma, making a lot of shots, shooting amazing percentages... without any expectations whatosever... gets as many minutes as he needs and isn't being asked to play defense. I'd be equally foolish to say Oden is anywhere near Durant so far (especially considering I've posted like 8 threads about how amazing Durant is), but... It would be interesting to see how a healthy Oden would play in 40+ minutes on a bottomfeeder team that just let him do whatever he wanted.
I adore Durant. His first 50 games he averaged 19.4 points, 4.1 rebounds, 1 block, 1 steal 40% shooting, 28% from three in 33 minutes. I already mentioned that if you project Oden's first 46 games to 33 minutes... he's putting up 13 points, 10 rebounds, 1.7 blocks on 57% shooting (and 5.6 fouls)... and that's with all the above limitations. Really... just way too soon... too many questions...
Time... need time...