Since 2000:
2000 r1 pk 14, Bubba Franks. Soild TE but drafted very high. Productions puts him in middle of the pack and pick should have made him a top 5 guy.
2001:
1 11 Dan Morgan Panthers LB-- Ver good player.
1 12 Damione Lewis Rams DT-- Average NFL DT.
1 16 Santana Moss Jets WR--Breaking out this year as stud
1 30 Reggie Wayne Colts WR--Very solid number 2 guy.
2002 1 7 Bryant McKinnie Vikings T--Boat ride co-organizer and average LT.
1 14 Jeremy Shockey Giants TE--Great talent with hardhead. Just getting it together.
1 17 Phillip Buchanon Raiders DB-- Now in Houston and still betting beaten by lesser athletes.
1 24 Edward Reed Ravens DB--Top 3 safety without doubt probably best in game.
1 27 Mike Rumph 49ers DB--Moved from CB to FS but at least on team.
2003 1 3 Andre Johnson Texans WR--Last season looked like future elite WR, now can't catch.
1 15 Jerome McDougle Eagles DE--Injuries have derailed career before it ever got started.
1 23 Willis McGahee Bills RB--Lost 1 season then has developed intolong term fixture.
1 25 William Joseph Giants DT--Very solid player on good front.
The last seasons are just recent to call busts or successes IMHO.
If you are simply looking for a 1 name answer to most recent bust I'd have to say McDougle. The Eags need another DE, have had to pay big money to Kearse and generally get less pressure than when they drfated McDougle. If he was playing like a 12th pick should that would not be the case.