I like BBT, think they are one of the best (maybe even the best) of the larger banks. That said let's look at some numbers. BBT is trading at a PE of 32 (ttm).
With the estimated earnings growth maybe they would be at a 15 PE by mid 2011 - which is a more nomal PE for a bank (banks often trade at even lower PES that that).
If banks get hit with a slew of defaults on Alt-A, interest only and other exotic mortgages this fall as these mortgages reset (peak resets expected to exceed sub-prime) then banks will get hit. Now admittedly BBT was not into underwriting these types of mortgages, but if other banks get taken down so will BBT.
Given this I believe BBT is richly priced above $30 (even over priced).