By typing alone, Honedge is a really good Terrakion check, considering that it resists/is immune to all its commonly used moves (immune to Close Combat, Sacred Sword and Quick Attack, while resisting Stone Edge, Rock Slide and X-Scissor) (this, of course, is assuming that Honedge has high enough defenses to make good use of its plentiful resistances). As for its stats, I think that it'll be a physically offensive version of Cofagrigus, with slightly higher Attack and slightly toned down defenses (because swords are offensive tools, after all, though they can also be used for defending).
Since it's floating, I hope it gets Levitate so that its Ground weakness is completely irrelevant; if that's the case, this would make it really good on rain teams that have difficulty with Terrakion. If Honedge doesn't get Levitate, and if Honedge somehow is good in OU, then Terrakion just may be forced to run Earthquake just to deal with it.
Edit: just realized that if Honedge gets Levitate, then it would also have a resistance to QuakeEdge