(All this is wrong, go to edit) I would expect this mead to be high ABV, in the 12-13% range. The rule of thumb I've heard, and has been good in my experience is 1.035 SG per 1 lb honey per 1 gallon of water. The 3 lbs in 1 gallons would come out to a ~1.105 SG, which is a bit over 13%. Though, the sugar content of honey varies from batch to batch, and the non ferment-able sugars from the caramelization process, I would expect anywhere from 9-12%. The more caramelization, the more "burnt sugars", the less ABV.~

EDIT: I grossly miscalculated the weight oz to lbs. This is only 1.5 lbs, which would be ~5-6%, making it more akin the ABV of a beer. Same caveat that it would have probably been lower due to the unfermentable sugars.

Which yeast you use could be very important too!: Different yeasts "pack up shop" during fermentation at different levels of ethanol. It's their own waste-product, that humans love, that stops them, but some types of yeast can put up with much higher levels than others! (though there are other factors too like Ph/pressure/mineralisation/etc).

Some yeast strains keep fermenting to (tolerate) a much higher ethanol percent than others, and the result of these more 'vigorous' yeasts is generally a 'dryer' result in brewing terms: A less 'sweet' result because all the sugars have been 'dried' out (ie roughly, consumed and converted to ethanol). This is not the only axis to think about here though! For mead to be 'sweet' in the end it either has to use a yeast that gives-up (for that much sugar) and hope that nothing else can live in there (not a bad bet for partially-fermented-honey actually), or to be sweetened after-the-fact (probably more common in modern 'Mead' products).

Fermentation involving a community of microorganisms (not just yeast) can often end up far dryer (especially given the time-frames they talk about in the article)! Many bugs can consume the 'waste' products that each other makes, and this variety can create enzymatically-linked cascades of molecular conversion-in-phases that can result in all sorts of unexpected "processing" of the "raw" molecules in the brew, including the hops components (if beer) and I'd think all those spices in traditional mead-recipes were probably undergoing some transformations too! Fascinating!