It would be. We don't know of any definitive hardware requirements yet though. It will have to be ported as well, as I doubt B&N will put honeycomb in it.
Agree with yourdogsdead.
One of the Android devs at CES (forgive me I forget which) said there are no definitive hardware requirements for Honeycomb. And the Nook is an dreaded that works very well as an Android tablet. However B&N doesn't advertise it as such nor do they pretend it to be. With that said I doubt B&N will port Honeycomb to it. I also firmily believe is the modding& hacking community to make a ROM for it.