I would agree with your guess about Sundqvist, but I'm not sure that I would expect them to be any more likely to "bust" than other 2nd/3rd round guys. I think one could also infer that the Pens have some degree of confidence that both of these guys were decent prospects, in terms of them being willing to trade away so many draft picks and other forward prospects (Agostino, Hanowski). On The Hockey News' Prospect Watch list of the Pens top-10 prospects -- who many in the hockey community say is simply provided by an executive from the team themselves -- Blueger was #8 and Sundqvist #10. This would also jive with what Yohe reported about the Pens not seeing Agostino or Hanowski as among their top 10 prospects...
Blueger is clearly not ready to make the jump, so there's no discussion there (nice rookie year, but definitely needs to take his play up a notch or two and develop physically before even thinking about making the jump. Who knows? That could be after next year, or after a full 4-years in college. My guess would be 3 years for Blueger, but we'll see...
Sundqvist: I would agree that he should stay in Sweden for one more year, develop against his peers, and try to make the World Junior squad. That being said, and especially because he does like the physical, North American style of game, I don't think you could go wrong either way by having him be in WBS, coached by one of the best developmental coaches in NA. Getting him under contract and even just giving him a tryout would be wise (so he doesn't pull a Tim Erixon on us) and he could still be sent back to Sweden if that's what they felt was best. But if the Pens think he and the team would be best served by bringing him over now, I don't see any reason not to. Young players are ruined when they're brought up the ranks too early, but having him come over and be the 2nd line centre in WBS would not be a case of "rushing" him, and you keep him there as long as he needs to develop well before bringing him further.
I do like Sutter, and his performance is very good, but not one that (yet) warrants a huge contract that will price him off our team. But Sutter is a very valuable piece, and if Sundqvist can become the next Sutter (or Berglund, as some have compared him to) then that would open up a lot of flexibility for us by trade in a few years from now. In that sense, Sundqvist may be one of the most important prospects in our stable, just in terms of the type of role he might be able to fill for us down the road. We really don't have another player in that mold within our system at this time, besides him and possibly Jeffrey.