Bynum made no play on the ball, just an elbow to the chest. With Wallace' forward momentum compounded by the vicious elbow. You have a collapsed lung --> a situation that possibly could have killed Wallace.
The consequence of a flagrant event should factor into the requisite punishment. Bynum made no play on the ball, this action constitutes a flagrant. Wallace endured a collapsed lung and multiple-day hospitalization. I don't see how Bynum isn't being suspended for a lengthy amount of time. This is the opportunity to send a message about flagrancies and why there are rules against them for JUST THIS type of consequence.
No I'm sure we'll instead get the NBA's usual double standard. Had Nazr Mohammed done this to Kobe Bryant, he probably would have been suspended indefinitely!