Name one thing that Chris Henry has done on the field that Chad Johnson and T.J. Houshmandzadeh haven't. Go ahead, beat your bloody mellon into submission wondering exactly what that is. Or reread the headline of this post. In back-to-back games, Chris Henry has recorded a touchdown reception. Not Chad Johnson, nor T.J. Houshmandzadeh have accomplished that "feat".
Henry is in the process of recording his best production of the season against Washington and the Browns. Even though a one-reception day is hardly an argument for a player "coming back around". When that reception is a 20-yard touchdown reception (the only touchdown on offense) basically taking the Cleveland Browns out of any possibility to come back, then that's a good day.
If Henry closes the season strong, and the Bengals decide to let Houshmandzadeh go (whether they should or not is a totally different argument), then Henry would likely be the leading candidate to start next season opposite Chad Johnson. Henry is signed through next season, due to earn $620,000 in base salary.
(Amendment: We forgot to add that if Henry closes the season strong, and remains invisible this off-season -- you know what I mean -- then he'd be a leading candidate for #2 WR)