Such is the intent behind the Motorola "Bee" concept phone by Joy Studios. Motorola was Google's partner in realizing the Android tablet platform, and showing Honeycomb to the world. It's not that difficult to imagine that Motorola could be Google's next smartphone partner and could bring us a "Nexus M" running either Honeycomb, or Ice Cream Sandwich. Were that the case, what would the device look like?
This is just an artist's concept, but it accurately translates Honeycomb UI to the smartphone platform.