1. WebOS international support is terrible. This is a huge reason to get Android on it. They've completely ignored it.
2. The browser while good, the card system is slow when trying to use it as a tabbed browser. Opening a new link in a new card is quite slow. I don't care for app support because their browser is good, but if you are going to rely on the browser at least have a decent tabbed browser. Look at Dolphin browser on Android to see how a mobile browser should be done. Also another limitation seems to be I can't download files from the browser ex. dropbox.
3. Overall the system feels sluggish. Android has multitasking right, WebOS doesn't. After the Android team optimizes and overclocks this hardware, I imagine its going to be pretty good.
4. Lack of Customization, I can't even make a picture fullscreen wallpaper on the background. And since you can't place anything on the desktop/wall area.. a nice big picture would look good.
Overall its solid and feels polished, but WebOS is overall really lacking and compared to Honeycomb I don't see it as better. The best thing is flash support works great, and I can watch all the media I want from streaming flash sites. The biggest benefit is getting honeycomb/Ice cream sandwich on a solid tablet for $100. *posted in another thread
Also check out http://www.touch-droid.com/