Bonnie has a tight circulation, not even noticed until a hurricane hunter aircraft reconned it. Waters in the gulf are warmer than those of the Atlantic, and there's some available moisture to feed from. We can expect some intensification.
The National Hurricane Center puts landfall in the Eastern FLA Panhandle Thursday afternoon. At that time I'd expect a moderate tropical storm, but nothing of epic proportions. Coastal flooding and light wind damage will be the major effects.
Bonnie will, however, serve to obliterate any outdoor plans folks may have for the upcoming weekend. I expect Friday and Saturday to be a total washout from GA to VA, with GA, and SC getting hit Friday, and NC and VA to get it early Saturday. The weekend can be saved if the cold front due later in the week can push Bonnie quickly out of the way. If that scenario occurs, expect Bonnie to quickly cross Southern GA, and push out to sea to redevelop. By then, steering forces will push it further out to sea, possibly threatening Bermuda early next week.