Based on his pre-steroid numbers, Bonds would warrant eventual induction into the HOF. I don't think he would have been a first ballot shoo-in, but pre-steroid, Barry was one of the better players of his generation. He had the arm, speed, base stealing skills, pretty good power, and a decent average.
Post-steroid...he's going to have problems, particularly if this new Grand Jury indicts him for perjury. MLB actually had a policy against steroids for years, they just chose not to enforce it, and no testing was done. He definitely violated Federal Law by buying and using the assortment of mad scientist cocktails that bulked him up.
The HOF's problem will be, who else has chemically pumped stats? Bonds isn't the only one, he's just the most obvious. It's possible to take smaller doses of growth enhancing drugs and increase your strength without turning into Godzilla. MLB doesn't test for HGH, and masking agents or designer steroids can avoid detection, so it's a given that other players are doing it.
Pitchers aren't exempt. I have found it interesting this year while watching MLB games that show MPH on pitches, that there are a LOT more guys this year that are throwing 86-89 mph than I've noticed before. It'll be interesting to follow this through the season.
By the way, I took some anti-nausea medicine the other night, and suffered through watching "Bonds on Bonds"...I wanted to see just how arrogant and condescending he would be...he didn't disappoint. On a high note, my wife, who follows MLB with the same zeal that a chimpanzee would study quantum physics, happened to walk in when they were showing pre-juice Barry as a Pirate, with the contrast of "flaxseed oil" induced Barry now...she said,"Oh my God, that can't be the same person", then she followed that with "he must be on the same steroids that Bonds guy is taking"...