A version of honeycomb runs not that bad on a G1 Android phone
http://forum.xda-developers.com/showthread.php?t=974087
Specs of a G1:
Qualcomm® MSM7201A™, 528 MHz
ROM: 256 MB
RAM: 192 MB
Not optimized, there is no source available and still works pretty good on these specs. So if Entourage releases an SDK, Google releases the source of Honeycomb and there is a dev willing to port and optimize I don't see why it should not be possible to run Honeycomb on the EE.
Hmmm.. now I think of it.. the higher resolution of the EE screen might slow things down though.