Honey frying is mostly what you would expect; you fry something, except instead of using oil you use honey. Big surprise eh? Technique aside, there are some differences that might persuade you to use honey the next time you plan to lightly fry something.
The most obvious difference is that honey is primarily carbohydrate rather than fat; this means that you're getting a little less than half the calories per mass than oil or butter. Similarly, there is no cholesterol impact.
You might be asking "isn't honey a lot thicker than oil?". Well, at room temperature you would be right, but at even moderate pan heat the honey becomes much less viscous and flows smoothly just like oil.
As a conductor of heat, honey works fairly well but like butter can burn, so should not be overheated. It's best to cook at a somewhat lower pan heat than one would with a vegetable oil.
As far as flavor is concerned, obviously you're going to get a slightly sweet coating on whatever you fry (as opposed to an oily one); I often find this a very pleasant variation, on things as diverse as fruits, vegetables, and meats.