They are fantastic as long as you have one that fits the approximate bore size for the engine.

One tip I will give - I dunno if you've ever see a honing machine at an engine machining/reconditioner workshop, but they rotate fairly slow and move up and down moderately fast. With the sort of rpm any hand held drill will make (even at their lowest activation point, they still do quite high rpms relatively speaking) you have to move the thing in and out extremely fast. I made the joke in another forum (where there's a bit more 'anything goes' rules as to vulgarity) and seriously, you have to move the thing in and out like watching an X-rated movie on fast forward. Otherwise the cross hatch pattern will be at too shallow of an angle.

You don't need to rip heaps out of it, just break up the glaze, so there's enough of a surface to help the rings bed in.

Other people might advise other stuff, I've personally had good results with using 50/50 mix of cheap engine oil and kerosene as the honing fluid lubricant. Obviously wash it out thoroughly with solvent, and after that, wash it out with hot soapy water and a nylon brush with stiff bristles. Solvent alone won't get the bits of debris out of the cross hatch pattern, and if you don't do the hot soapy water scrubbing (and repeat a few times) you'll still get it to run and bed in the rings, but you'll literally cut the ring life by 50% before it needs the next rebuild. After it is cleaned thoroughly and you can rub a clean white lint free cloth through the bore without it picking up any 'staining' only then is the job done. If it comes out dirty, repeat the scrubbing and hot soapy water.

Once it finally is all done, just spray it with wd40 and it won't corrode.