I've used honey in training rides/runs, and honey based commercial 'gels' in races. Had no problems with the commercial stuff, and most honey, but one lot of honey I used made my throat feel like I'd been gargling sandpaper. Thankfully it was just a training run around Richmond Park, but had me coughing and wheezing and necking water to reduce the symptoms. Think it was some cheap no-name honey we had at home, but as suggested above, best to experiment before the race! I just tipped it into a couple of little gel bottles I had (the ones that go on the special nutrition belts), the honey stayed runny enough in my back pocket of the jersey.
Fair points about electrolytes and mix of sugars, but I've never raced on just honey.