I like Perez as a late round sleeper. He's a bit risky in some H2H formats if you can't afford to bench a guy who might do more harm than good if he looks like he is going to repeat 2005. I play roto and will probably start with a 4 man rotation, and he isn't a part of it.
I don't expect him to repeat 2004, but I know he will get K's. If he posts an ERA and WHIP that don't hurt too much, he will good value. I'm hoping for 14 W's, an ERA not too far above 3.5 and a WHIP around 1.3 with 200+ K's. If he looks terrible after 4-5 starts, I'll cut him loose.
I'm depending on other SP's to keep my ERA and WHIP low. If he doesn't hurt me there, I'll use him.
* Steroid induced record