I am emphatically NOT one of those people who reads much into the results of a 20 PA sample. I wouldn't freak out if Barry had a 5 game futility streak in June, so I won't freak out in April. And I know...he's started slow before (2001) and even late last year he had an early spasm of mediocrity before a little homer binge at the end.
Still: Buster Olney quoted an unnamed scout, and Will Carroll at Baseball Prospectus (subscriber content in both cases) suggest that Bonds seems to be swinging just with his upper body. He seems to have "lost his legs." I've watched all of his PA's this year on MLBTV, and I concur: it's not that the results aren't there. It's that he just looks bad...think Palmeiro after returning from suspension last year.
There seems to me to be no reason for Barry to be any worse this year than he was in his return last year, when he was quite good, thank you. But he just seems...off.