I'm certainly not saying he's going to be a waste of a lineup spot anytime soon, but you said he's more than capable of 40-45 HRs. I'm not saying it can't happen, but even excluding last year, he's been significantly less durable and (like pretty much everyone else in baseball) has seen a decline in his HR rate as well since 2007. He'd need to reverse both of those trends to get into the 40+ HR range for a season, and he's at an age where you'd expect, if anything, movement in the other direction.
Like I said, I still think he probably gets there, I just don't expect him to have another monster season or two to make it really easy. Could happen though.