Let's be honest. Suppose Bonds caught the heat from the current voters and he is kept out. There will be voters who doesn't care about that stuff and keep him a candidate by voting him. Once the heat dies down, I don't see any chance that Bonds doesn't finally get in. He is not only the HR king but he also drew absurdly high amount of walks in his career, and I assume he had a good OBP. There's just too many "positive" statistics to keep Bonds out. If he was a fringe player like McGwire then I can see him being kept out for good, but Bonds is usually considered one of the best in history, and you just don't keep him out because he lied under oath or because he was one of the many to take steroids.
But to keep a frame of reference, I also think Pete Rose and Joe Jackson should go in the Hall, so my opinion could be considered as questionable at best.