In my opinion, Honedge is definitely a great Pokemon, and if you don't already have a good ghost or steel-type Pokemon on your team, it will be a great addition.
Honedge is not where the best performance it's at, but rather its evolutions.
When you have a Doublade with an eviolite, it will provide great defenses, and it already has great attack. With it's No Guard ability, you can have great/strong attacking moves that can be used regardless of accuracy. Doublade can learn great STAB moves such as Iron Head and Shadow Claw as well as other great moves like Night Slash and Sacred Sword. Also, you may consider adding Shadow Sneak as a good priority move to finish an opponent off (+STAB as well). Doublade also has great resistances with it's steel-typage, as well as Poison, Normal, and Fighting immunities.
However, when you evolve it to Aegislash, this is where he gets to shine. Aegislash already has great defenses to start the battle off with. But, with it's Stance Change ability, it's a completely new story. As you probably know, Aegislash will change stances depending on the move it used; a damage-dealing move will exchange its defenses into attack stats and become Blade Form. With the use of the move King's Shield it changes back into Shield Form with its original high defenses. So starting off a battle, you can use an attacking move. This will allow it to move last based on it's low Speed stat. While all the Pokemon attack it using damaging moves, it's high defenses will resist it. By moving last, you can safely change into Blade Form and attack the opponent with a high attack. The following turn, you can use the move King's Shield. This high priority move will act as a protect, and change it back into Shield Form - where all of its defenses are at. My repeating this process over an over - alternating between an attack move and King's Shield - Aegislash will turn out to be an incredible strong Pokemon when used strategically right.
So, if you do consider using one, maybe find one will low Spd, or a nature decreasing it. This will definitely help you! You may give it any item you like - maybe Leftovers, Sitrus Berry, or another Berry to weaken a super-effective attack.
Your Choice! Hope I helped! :)