Most of those aren't really "busts" though, relative to where they were taken in the draft. Kindl and Smith were the only 1st round defensemen in the past 15 years, and even they played over 300 games each. If Cholowski has a similar career as either of these guys, it would be a huge disappointment for sure, but I still wouldn't really consider him a "bust". A little over half of the players selected in the 20-30 range go on to successful NHL careers.
Quincey had a great career for a 4th round pick. Lashoff had a solid career for an undrafted defenseman. Ouellet and Sproul never panned out, but less than half of 2nd rounders do. Marchenko had a great little career for a 7th round pick. Russo was a 4th round pick, that we traded for using a 3rd round pick. The chance of him panning out was always slim. Sambrook was a 5th round pick, which rarely pan out in any meaningful way, but he's still only 20 years old. Who knows, he may still play a short time in the NHL. Granted, not likely with the Red Wings...
Up until the past few years, we've never really had the opportunity to draft high enough to get any real impact players. We're finally starting to draft higher and more frequent in the first couple rounds, so I think (hope), we'll get a few high end players in the next few drafts, as well as the last couple...