Yes, finally Google decided to do something about GTV. Honeycomb is much faster and responsive compared to whatever the previous OS was installed by default on the Revue.
Installation of Honeycomb was very bumpy though. There's a lot of websites telling you what to do step by step so I'm not going to copy from them. However there are a few things I'll add.
1) Don't forget to rename the zip file as update.zip when you copy it to your flash memory.
2) You may get stuck in the installation step (10 of 11) where you choose the model of your TV with the "Network Problem!" (or something similar). Don't give up. I kept getting the error on and on for 3 days and finally somehow it worked on the fourth day.
3) If the Revue can't connect to your Wi-Fi, use a cable. It works. Or you can give it a static IP over your access point, that works too. For some reason, DHCP + Wi-Fi didn't work for me.
There isn't a lot of different apps you can install and enjoy currently (most of them say they're not compatible with GTV) but having access to the app market means it's very likely that we'll be able to use Firefox and play games in the future.
If you're a sidereel fan like me and you don't want to use the weird and very limited sidereel app-like interface, then just type in the address bar:
www.sidereel.com/your_favorite_show's_name
and it will take you the usual PC version of your favorite show's page.