It hasn't been good enough yet to be any kind of storyline, but Homer Bailey has had a decent start to the season. Not nearly as good as his first four starts last season (which took place in May), but by far the better of two Aprils he's pitched in the big leagues so far. It's easy to forget that this is just the second season Hoss has started on time. (2011, at 132, is his career high in innings).
If he can somehow continue to pitch in roughly the "3rd starter" neighborhood, it will go along way to shoring up the improvements in the pitching staff that were seen in April. His stuff, which has included peak velocities much higher than he was hitting in early-2011, suggest it's at least possible.
The odd thing about Bailey - and the rest of the Reds' pitching staff - is the low strikeout rate. He's never been below 6.8 K/9 since he's been making regular starts in the big leagues. He's currently at 5.8. And no Reds' starter is above 6.1 (Johnny Cueto's current mark). The optimistic take is that pitching still has room for improvement, where it's already significantly improved over last year (even adjusted for run environment).
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