This didn't occur to me earlier, but I think it is significant... You don't want HC functionality on a phone. Really, you don't. I've used FroYo on my Mez and both FroYo and Honeycomb on my G-Tablet, so I have a fair bit of experience with both.
Since it is designed for 10" screens, not 4" screens, most of the details are going to be too small to see. The standard FroYo Gmail and Callendar apps work well on a small screen, but if you tried to shrink the HC versions down to fit on a phone, they would be totally useless. Too much of their functionality is dependant on a large screen. The ONLY useful aspect of HC that would carry over to a phone would be the multi-tasking abilities, but even on FroYo, it's not bad.