Right that's exactly my point. A bad prospect despite a high draft position would indicate, wait for it... a weak draft. 
And a bad prospect I feel is fairly self-evident: it's a person who is less likely to make an impact relative to the draft position at an NBA level than another.
Anyway I need to not look at a computer screen for a while. Good talk!
Sorry, jumping a bit ramdomly into this debate haha
But I wouldn't necessarily agree with the above at all. If you look at historical drafts, there is almost ALWAYS a guy or two taken high in the draft who (after all is said and done) end up busts. That's true of even the greatest drafts.
Perfect example? Darko Milicic getting taken at #2 in 2003/04 - in what is considered by many to be the greatest draft class in history.
At the end of the day EVERYBODY in that draft wanted Milicic. Pretty much every team believed he has superstar written all over him, and I think pretty much every mock draft had him going in the top 3.
In fact, the way Milicic was viewed on draft day in 2003 was not unlike the way Embiid was viewed on draft day exactly 10 years later in 2013 - exception being Milicic to my knowledge had no health concerns.
Detroit gets mocked now, in hindsight, for choosing him so high. Reality is though that if they didn't choose him at #2 then he would have been chosen at #3 by Denver, at #4 by Toronto, or at #5 by Miami. All of those teams wanted him.
I mean geez, Pat Riley at the time of the draft had a very hard time choosing between Dwyane Wade and Chris Kaman - everybody was telling him Kaman was the safer bet and more likely to become a good player because Wade couldn't shoot and couldn't dribble. He really like Wade though, so he followed his gut instinct and went with him - maybe the best decision he's made in his highly illustrious NBA career haha
Right now though, you have to ask yourself - why did Milicic not work out if so many teams considered him to be a top 3 prospect in one of the greatest drafts ever?
Personally, I refuse to accept the "team situation" argument that many take when blaming Detroit for not approaching his development well. If you're talking about a #9 pick in a weak draft than fine, but anybody projected to go top 2 or 3 in a stacked draft has got to be absolutely stuffed with talent...and that leaves me thinking that once Detroit actually got him they realised he wasn't the player they thought he was. If he was that great then they would have:
1) invested more into him
2) Traded him to another team for a king's random
Personally, I think that in his case it was mostly mental. He seemed to have attitude issues, there were question marks about his work ethic, and maybe on top of all that he just wasn't as straight-up skilled as scouts had thought he was.
I think Attitude / Personality is a much underrated aspect for draft prospects. I honestly feel like there have been just as many elite prospects who have failed due to attitude issues as there have been from health/injury issues.
Honestly, I think we can see a great example of this right now in our very own proverbial backyard - look at James Young. Seen as having so much potential, and so many teams said he was a huge steal at his draft position - but he seems to have personality question marks (confidence, work ethic, desire to be great) and from what I'm seeing that appears to be hurting his career in a huge way right now. I haven't given up on him just yet, but if he hasn't made some pretty huge strides by the end of this season I will be confident enough to call him a bust.
I think Danny recognizes all of this, and I think that's why he tends to go for what appears to be high character players with his higher picks, then taken changes on 'questionable' character guys with his later picks.
Sully and Fab Melo was one example - Sully had a reputation for being a hard working, high IQ guy coming out of college (don't know what happened) and Fab was known for being a low IQ, poor motor guy.
Taking olynyk the following year, another example.
Smart and Young, another example.
This year everybody he drafted...all high character guys.
I mean honestly, if you look at a guy like Avery Bradley - I think he's done pretty well for himself considering his relative lack of skills / versatility. He earned a starting role on a team with three future hall of famers and I believe the only reason he got that far is because of his character - working his proverbial butt off and playing with 150% effort every time on the court. If Avery Bradley had the attitude of say, Nick Young or Jordan Crawford, then I very seriously doubt he'd have ever made it even as just a rotation NBA player.
A big part of player development is having the confidence to believe you can be great, and being self-motivated enough to push yourself to your limits in the name of self improvement. Guys with poor attitudes, even if they have all the talent in the world, often fail to see their potential for that reason - they simple can't stay motivated and don't have a desire to in the work to become better.
Anyway this is starting to get a bit off topic now, but getting back to the discussion I think the reason for busts getting drafted high isn't because of weak drafts necessarily, I think it has more to do with either the teams not scouting a player properly, teams drafting for need rather than best talent available (and there may be lack of depth at that position), or teams taking gambles on high risk players (i.e. players with health / attitude concerns) for the sake of 'upside'.
Then there are cases where the team is just plain dumb and make draft decisions which ultimately make no sense at all (e.g. Cleveland taking Bennett).