Pitching in AA in 2004, Anthony Reyes struck out 102 batters and walked only 13 in 74.1 innings. I was convinced he was a future superstar. It now appears that his strikeout rate that season may have been a bit of a fluke. While he still has a fairly bright future, nothing he's done before or since seems consistent with such an overpowering K/9 rate at AA ball.
In the majors last year he struck out 72 and walked 34 in 85.1 innings. That's not a bad K/9 or K/BB and indicates that he should easily improve on his 5.06 ERA of a year ago. Based on his minor league stats, it also seems reasonable that he could lower his BB rate a little. So far in the major leagues, he's been a fly ball pitcher, so I expect him to continue to allow home runs. Overall, I think its reasonable to expect an ERA right around 4 or slightly higher this year.