Some writers have said they'd like the HoF to provide guidance on how to handle the steroid issue. It's not clear to me what they are waiting for -- Palmeiro violated MLB's steroid policy and Palmeiro is on the ballot. McGwire has confessed and he is on the ballot. It is clear that steroid use, in and of itself, is not disqualifying anymore than being suspended for a week for using a corked bat is. Meanwhile the violation of such a serious rule is clearly some mark against the player's integrity and the HoF has decided to leave it up to the voters to decide if it is severe enough to warrant exclusion just as they always have. It would be a gargantuan stretch to think that wants to exclude players based on mere suspicion of steroid use.
Perhaps the best few paragraphs I've seen to express my feelings on how steroids should affect HOF voting.