I tend to think that of the races he's targeting, he's going to win more than not. Call it sand-bagging, keeping your powder dry, playing poker. I just call it smart racing.
This stands in contradistinction to Cancellara's I-always-race-to-win approach. (At least, that's what Cancellara says it is. Too bad he often accompanies this strategy by talking-to-lose, such as last year when he announced to all and sundry, "fasten your seatbelts.")
But why show what you've got in the early season, by dominating races you don't highly value? In fact, when you go into the season as the man most marked, why not do everything you can to make it appear you just really aren't on form?
I dunno, maybe he just doesn't have it now. I'll bet he really finds it, though, when he most needs it.