It supports features like – video chat, 3D “carousels” (that helps to scroll through books, music and other content) and multitasking. Google is also opening up the Android web market in addition to the app client. The web market is social as it allows friends to suggest apps and also links the store to Twitter. Google has spent time on optimizing performance in their new platform specifically for the 2D and 3D graphics. Interestingly, they have used the Agile methodology for development of Honeycomb.
Personally, I believe that the future of computing is in the hand of Google now with the further progress of Android as the preferred OS for tablets and smartphones. Google is essentially doing to Apple with Android what, Microsoft did to Apple with Windows in the first stage of computing wars.
The video below shows off the Honeycomb features.