Bottom Line - In any competitive fantasy league, you're going to have to take risks in order to get ahead of the pack. Depending on your league settings, Bonds could end up making the difference between a competitive team and a league champion. If your league counts OBP, you HAVE to take a long, hard look at Bonds in the middle rounds. I'd also say that in H2H hes got mare value than Roto, because you can ride his two big months and find yourself in first, then either trade him high or bench him when he cools off.
If you try visualize yourself winning your league, you'll realize that that wont happen without some gambles paying off. Roll the dice with Bonds? Get lucky and win or get stuck with a 6th round DL-spot. At least one of the possibilities is winning!