I tried it and I thought it was pretty bad to be honest.
Much better just getting the Android SDK and using the Android virtual machine that comes with that. You can use any Android version you want, including Honeycomb.
Might need to do a bit of tweaking with the hardware properties of the virtual device to get it running smoothly, such as adding a cache partition and increasing the size, and increasing RAM size. Also add GSM support to get Internet within the device. Oh, and ctrl+F11, and ctrl+F12 to flip orientations for the virtual tablet.