I see your point. But you cannot blame Portland for picking Oden. They already had Brandon Roy, Martell Webster (who is one of the game's premiere perimeter defenders today), and Travis Outlaw. Even though Durant was considered an NBA ready player around draft time, the Blazers had a gaping hole at center which they needed to fill. They already had a lot of depth at the perimeter spots.
In hindsight, the Blazers should have probably traded Outlaw and/or Webster for a big man in order to make room for Durant. But I wouldn't go so far as to say that this move will cost them like taking Bowie over Jordan did.
Durant was considered to have NBA ready scoring ability, but not an NBA ready body or defense.
Hindsight doesn't work, because you don't know how things play out any other way and because we don't know how things will still play out.
It is also pointless to evaluate decisions based on future events. Choosing between the 2 was a coin toss. Oden can still be an all star center.
If Durant becomes the kind of player who can take over finals series like Jordan, than it will have been a big loss. If he merely becomes a transcendent scorer like AI, it will be harder to evaluate.
The Bowie criticisms are often bereft of thought. Was Hakeem a bad pick at #1? Of course not. Bowie had a great skill set, but a bad foot. What if Bowie had the Hakeem career while Hakeem had the injury? Then we sit here saying how dumb Houston was picking Hakeem, esp when they already had Sampson.