Thompson's main problem, in my opinion, is his failure to hit consistently with high picks. The bottom half of the draft is a crapshoot, so I don't care if 6th and 7th rounders aren't around in a few years from now.
If you look at his first and second round picks, however, we have this:
2005: Rodgers (elite starter), Collins (good starter), Murphy (injured, but always looked a bit small/slow to me).
2006: Hawk (adequate starter, massive dissapointment), Jennings (elite starter),
2007: Harrell (bust), Jackson (near bust, contributor but never looked close to starting a game)
2008: Nelson (adequate 3rd WR), Brohm (bust), Lee (injured/bust)
2009: Raji and Matthews - Too early to tell but both have great potential.
Putting aside the 2009 class we have:
2 elite starters (Rodgers, Jennings)
1 good starter (Collins)
1 adequate starter (Hawk) - Considering he was the 5th overall pick, he's a borderline bust.
2 contributors (Nelson, Jackson). Jackson has been a disappointment.
4 busts/injured (Murphy, Brohm, Harrell, Lee)
As far as I'm concerned, although first and second round picks aren't guaranteed, at the very least they should be contributing. It's unacceptable to have four first and second round picks bust in 4 seasons (not counting 2009). On top of that Hawk has been pretty awful for the 5th overall pick, but I guess he shows up every week, it could be worse. Finally, Brandon Jackson is doing a job a free agent could do - 3rd down back, he's never looked like an NFL starter. So, pessimistically, we have 4 busts and 2 disappointments/underachievers.