One, no one is questioning that it was a bust pick. Philly totally screwed up that pick.
Two, he tore his ACL at the end of his first season and that made 2011 a total washout. In 2012, he was caught up in that stupid wide nine technique that the Eagles went to. If you look at 2012, sacks across the board were down for the Eagles. Cole had a career 3 sacks, he lowest in years. The Eagles never adapted to the wide nine and it wasn't just Graham who struggled. They all did. 2013 brought in the 3-4 of Kelly and the rest is history.
Look, I don't think anyone is suggesting he's the next ferocious pass rush guy. But when a guy like JPP might get a ridiculous number, a guy like Graham is a very good cheap alternative comparatively. I don't buy entirely into the advanced stats you see now (PFF, Football Outsides, etc) but Graham has been shown in those avanced stats to be a very productive player per down.
So he's absolutely worth looking into and if the price is cheap, it might be a real steal.