This is how I view it:
I'm going to make a rough assumption that guys 9 through 15 on most NBA rosters are pretty much equal as players, and there is another X number of players that could land on one of those spots but for whatever reason aren't in the league. The ones that are have ended up there because a team invested in them (draft pick), they're young and have some upside, they fill some niche role, they play for cheap, they have an appealing contract situation that makes them some kind of an asset, the coaching staff/GM are high on the player for whatever reason, etc. and the ones that didn't just didn't have those same things going for them.
Anyway, the context the player ends up with matters. I mean geez, we have a guy in Lin that was the 4th point guard on Houston's bench now making headlines about how Melo is going to have to adjust his all-star caliber game to fit with Lin's style.
So I'm not as concerned about projecting CJ's talent or strengths and weaknesses. I think a lot of guys have a shot, if they can land in the right situation for them. I think CJ can be one of those guys. I'm not saying he will definitely get a chance to be an NBA player like Waiters and Fab will, but it's not impossible for me to envision him landing on an NBA roster as one of those 9 through 15 guys.