Heh. Actually Freud's theory was that an oral fixation develops in people who *weren't* breast-fed, or were weaned too early, and so they never quite get over their early breast-feeding desires. I've often wondered how this is manifested in women too.
It kind of makes sense... the guys I've known who are totally obsessed with breasts, almost to the exclusion of all else -- they always seem like big overgrown babies.
I think also there's a huge cultural element as well. Believe it or not in some cultures breasts aren't particularly sexual. I think in our culture they've become a big deal because they're hidden away and treated as something exotic. One might even go so far as to say that America has become one big baby-culture of people who never grow to full maturity, and thus the national breast fixation. I want my war AND low taxes, waaaah!!!
In parts of the Arab world guys get the same way Americans do about breasts, at seeing a rare glimpse of a woman's ankle.
And finally, I do think there's something to the chest-butt theory too. We are programmed to lust after dual bulbous lobes of flesh.