Steve Yozwiak reports that Barry Bonds looks like he's ready to break Hank Aaron's home run record:

By all accounts, Bonds is healthy and in top shape. He looks great, and his manner is more relaxed than in recent years. He says he is unconcerned about the continuing federal investigation into the use of steroids in baseball. If he stays healthy and focused, he would need to average just over one home run per week during 162 games this summer.

The various projections I've seen are a bit conservative. BIS put his home runs at 32, the highest out there and I think closest to reality. Bonds appeared to regain his health and his stroke at the end of 2006. To me the big thing was that he was able to move in the outfield without a lot of pain. While his injury risk remains high, forty home runs from Bonds would not surprise me.