The first benchmarks for Honeycomb on Intel Atom are in, and they're not looking good:

http://www.engadget.com/2011/06/03/h...e-compal-tabl/
RESULTS: http://translate.google.com/translat...b.html&act=url

Now these are only synthetic benchmarks, and only 'hint' at performance but are not necessarily indicative of real world performance. Additionally, there's likely much optimization that must be done. For example Dalvik (I'm assuming) is very optimized for ARMv7, but I doubt it is so for x86; then there are the various hardware drivers.

I wouldn't take these as final numbers, but if they do reflect real-world usage, Intel is going to have a tough time breaking into this space.