The BB developer definitely participates in the HoneyPot effort, but I think the approach is only part of his whole (and IMHO more thorough) implementation. He suggests running HoneyPot in this link below, so I might just run both to cover all the bases:
http://www.bad-behavior.ioerror.us/2...ot-and-httpbl/
However, since implementing BB, it's very rare I get spam comments these days since much of the bots are stopped at the door. So not entirely sure how much I would be contributing to the HP effort. I'd say BB is a must, and HP is optional. At least in my limited experience.