It works pretty well in all the cases i've used it. Its the only way that i have been able to get the new animation class to work smoothly.
A simple example: make a webview that scrolls down and ends with a textfield a couple screens below. Activate Hardware acceleration, scroll, touch the textfield, boom, the textfield remains below the keyboard so you don't see what you type. Deactivate hardware acceleration. Do the same test. Boom, the screen pans up and the textfield is visible.
Once you've done this on a xoom, try it on an iconia or whatever other tablet you have.
Enjoy the fun of Honeycomb hardware acceleration.