It probably isn't the best choice in an IPA, since style purists will be looking for something dry and bitter.
Having said that, I like a little maltiness and residual sweetness to help balance the bitterness, so it looks interesting.
I've used Honey malt in a wheat beer (subtle sweetness). I'm away from my notes, but it wasn't more than a pound of honey malt for a 10 gallon batch, so it had to be under 5%. I don't recall a honey aroma or flavor in the beer, but the residual sweetness was good.
I've also used it in a Belgian Pale Ale. Again, I'm away from my notes, but I think it was Base Pils malt with 5% or less each of Victory, Biscuit, and Honey malts.
It rocked and scored a 42 and a 43.
I think you'll like it a lot. Some seem to call it a super-munich, but I think it is sweeter.
The honey quality (taste>aroma) is rather subtle, if even present, when used in 5% levels, IMO.
If you use it in higher amounts, it might be more prominent. Check out these comments, if you haven't already:http://www.probrewer.com/vbulletin/showthread.php?t=4503