I get the impression that Honeycomb isn't going to be coming to phones. Why Google is doing this is anyone's guess. Things that are deeply important, like graphics acceleration, needs to filter down very quickly, but it looks like Google are solely focused on tablets.
It's a really schizophrenic strategy, and I'm beginning to get the impression no-one is really in charge there. Why does the Nexus One still not have 2.3? Why are features that were slated for 2.3 now in 3.0, which doesn't even look like it's coming to phones?
Google certainly aren't doing well at pleasing their current customers, and they've certainly scared me away. I don't see why I should trust anything about their upgrade path. The argument that you buy a handset for what it does, rather than what it promises, is flimsy, but when you sell phones like the Nexus One, and specifically promise upgrades, you're just lying.
EDIT: To those commenting about iOS 3.2, the difference is that iOS 3.2 didn't really deliver any large features that meant iPhone didn't maintain parity. Honeycomb, with graphics acceleration, overhauled UI etc. etc. will. Apple's strategy was always a unified one, with a little detour to get it going on tablets. Google appear to have completely switched tack.