In the neighborhood there is a large lump in the pavement. Going over this large bump in the road I hear (and feel) a thump from the front end. Is this bushings that need replacing, or struts.

Do you notice it anywhere else? Do you have any other suspension-related problems?

It's possible you're just bottoming out, in which case, I'd think that a thump noise would be quite normal.

Hard to say. You should do the bounce test on each corner of your car to test your struts. If the car bounces up and down a bunch, then it is time to replace the struts.

I have done the corner test..doesn't bounce.
I don't think I am bottoming out and I don't notice it anywhere else. I have taken to creeping over bumps....I will try to notice on the washboard streets. I thought it maybe bushings. What do you think?

im not sure about a thumping, but when mine was clunking it was the sway bar links

Could be a busted strut. If you read on E34.net, the bounce test doesn't really apply. When I pulled my struts out, they were completely compressed and wouldn't rebound even on there own out of the car.