Which is why we're not too surprised to read that its forum members have already managed to port Android 3.0 Honeycomb to the Nexus One. As Brad Linder points out over at Mobiputing the ROM has a long way to go before it's really usable. 3D performance is sluggish, and basic phone functionality is lacking -- you can't make calls or SMS yet.
Still, give the devs some more time to tinker. Time and time again the XDA community has proved it can get Android running (and usable) on just about any hardware out there.