Hondo uses rather simple x86 cores at 1GHz, a 64-bit memory system, and run the 80 "radeon cores" at undisclosed (presumably quite low) clock speeds in order to achieve its 4,5W TDP. Essentially, it is a very cut down PC part.
There is every reason to believe that a SoC like the A6x will walk all over it in terms of performance.
Frequencies between the Hondo and A6X GPU block might even be comparable. Assuming that GPU frequencies aren't too far away you have 80 DX11 SPs on one side and 128 DX9L3 SPs on the other, and even that is most likely an oversimplification, but not a factor I'd ignore. It'll get probably even more interesting if someone would compare TMU count amongst others.
Then again, Hondo doesn't compete directly against the ARM SoCs, it exists as a low cost alternative to Intels offering in the x86/Windows space. In that respect it's a godsend for the hardware manufacturers in that segment, since otherwise they would be completely at the mercy of Intel. Remains to be seen how many are interested in running x86 legacy code on tablets - to me it seems like the netbook crippleware experience all over again - but Hondo is the lowest cost ticket into that market you can find.
True.