I've been using this as a lead on one of my teams for over a month now and it is incredibly successful. It does have minor issues countering Aerodactyl and Weavile leads but switching to a physical wall stops them cold. It has trouble with dual screen Deoxys since with a Reflect up, Pursuit does very little. I would mention Snatch, which would steal screens for yourself, but you're likely to be Taunted anyway. Not that it matters since the Weavile, Aerodactyl, and Deoxys leads have become much less common.
The only Pokemon it absolutely can't take on is Tyranitar. Sandstorm messes up the Focus Sash and there isn't much that Honchkrow can do other than use Thunder Wave.
Also, this is the first analysis I've done so don't be surprised if there are mistakes.
http://www.smogon.com/dp/pokemon/honchkrow
[SET]
Name: Krazy Krow
Move 1: Taunt
Move 2: Thunder Wave
Move 3: Sucker Punch
Move 4: Pursuit
Item: Focus Sash
Nature: Jolly
EVs: 4 HP/ 252 Atk / 252 Spe
Ability: Insomnia
[SET COMMENTS]
<p>This Honchkrow does a great job of stopping some of the most commonly used leads cold. Taunt forces any leads that are looking for a quick setup to rely on damage dealing attacks. Thunder Wave is useful for crippling anything that might be giving you trouble or is likely to need speed in its attempt at a sweep. The combination of Sucker Punch and Pursuit confounds many opponents in deciding what move to use and often leads to surprise KOs. Throwing Insomnia and Focus Sash into the mix creates a Pokemon that is likely to perplex the opponent in trying to uncover Honchkrow's role.</p>
<p>If a player doesn't know much about Honchkrow and is using Bronzong, Gengar, or Roserade as a sleep-inducing leader, they probably don't know that it has Insomnia as its ability. Using Taunt against Bronzong, the most common lead in the game, on the first turn prevents them from discovering this and keeps it a secret until later in the match. Taunt will also prevent Bronzong from accomplishing his main goal of setting up Stealth Rock. After Taunt, you're safe to switch out to something of your own that resists Gyro Ball in and attempt to execute your strategy.</p>
<p>It's advised that you use Pursuit on the first turn against Azelf, Gengar, and Roserade. Azelf will set up Stealth Rock on the first turn and take a fair chunk of damage from Pursuit, eliminating his Focus Sash in the process. Knowing that that Azelf will be KOed if switched out, the player will choose to attack, which is when you KO with Sucker Punch. Gengar is likely to switch out on the first turn in fear of Sucker Punch or a Choice Scarfed Night Slash, so Pursuit will almost always be the right choice. Even if Gengar decides to use Thunderbolt, Focus Sash will kick in and you will get the KO with Sucker Punch on the next turn. Even with just 1 HP, Honchkrow can still can aggravate your opponent for the remainder of the match. Against Roserade, they're likely to attempt setting up Toxic Spikes. Allowing them to do this while you Pursuit and then using Sucker Punch immediately after Toxic Spikes have been set up will also result in a KO. Given Honchkrow's 349 Attack and STAB on Sucker Punch, it's likely to do 25% against most Pokemon, making it perfect for taking down low-health sweepers.</p>
<p>Thunder Wave is there to put a stop to anything that might be causing problems. Focus Sash guarantees that you're able to survive and Paralyze any Choice Scarfed foes. Thunder Wave is also your best choice against another common lead, Gyarados, forcing him to act as little more than a slow physical attacker for the remainder of the battle. Since Honchkrow is faster than most Gyarados, it's not a problem if it switches in on you.</p>
<p>While Honchkrow does a great job of eliminating some of the more common leads, it is possible that Toxic Spikes or Stealth Rock will be set up. As a result, it's probably still a good idea to carry a Rapid Spinner or have a team that's not significantly weak to these strategies.</p>
The only Pokemon it absolutely can't take on is Tyranitar. Sandstorm messes up the Focus Sash and there isn't much that Honchkrow can do other than use Thunder Wave.
Also, this is the first analysis I've done so don't be surprised if there are mistakes.
http://www.smogon.com/dp/pokemon/honchkrow

[SET]
Name: Krazy Krow
Move 1: Taunt
Move 2: Thunder Wave
Move 3: Sucker Punch
Move 4: Pursuit
Item: Focus Sash
Nature: Jolly
EVs: 4 HP/ 252 Atk / 252 Spe
Ability: Insomnia
[SET COMMENTS]
<p>This Honchkrow does a great job of stopping some of the most commonly used leads cold. Taunt forces any leads that are looking for a quick setup to rely on damage dealing attacks. Thunder Wave is useful for crippling anything that might be giving you trouble or is likely to need speed in its attempt at a sweep. The combination of Sucker Punch and Pursuit confounds many opponents in deciding what move to use and often leads to surprise KOs. Throwing Insomnia and Focus Sash into the mix creates a Pokemon that is likely to perplex the opponent in trying to uncover Honchkrow's role.</p>
<p>If a player doesn't know much about Honchkrow and is using Bronzong, Gengar, or Roserade as a sleep-inducing leader, they probably don't know that it has Insomnia as its ability. Using Taunt against Bronzong, the most common lead in the game, on the first turn prevents them from discovering this and keeps it a secret until later in the match. Taunt will also prevent Bronzong from accomplishing his main goal of setting up Stealth Rock. After Taunt, you're safe to switch out to something of your own that resists Gyro Ball in and attempt to execute your strategy.</p>
<p>It's advised that you use Pursuit on the first turn against Azelf, Gengar, and Roserade. Azelf will set up Stealth Rock on the first turn and take a fair chunk of damage from Pursuit, eliminating his Focus Sash in the process. Knowing that that Azelf will be KOed if switched out, the player will choose to attack, which is when you KO with Sucker Punch. Gengar is likely to switch out on the first turn in fear of Sucker Punch or a Choice Scarfed Night Slash, so Pursuit will almost always be the right choice. Even if Gengar decides to use Thunderbolt, Focus Sash will kick in and you will get the KO with Sucker Punch on the next turn. Even with just 1 HP, Honchkrow can still can aggravate your opponent for the remainder of the match. Against Roserade, they're likely to attempt setting up Toxic Spikes. Allowing them to do this while you Pursuit and then using Sucker Punch immediately after Toxic Spikes have been set up will also result in a KO. Given Honchkrow's 349 Attack and STAB on Sucker Punch, it's likely to do 25% against most Pokemon, making it perfect for taking down low-health sweepers.</p>
<p>Thunder Wave is there to put a stop to anything that might be causing problems. Focus Sash guarantees that you're able to survive and Paralyze any Choice Scarfed foes. Thunder Wave is also your best choice against another common lead, Gyarados, forcing him to act as little more than a slow physical attacker for the remainder of the battle. Since Honchkrow is faster than most Gyarados, it's not a problem if it switches in on you.</p>
<p>While Honchkrow does a great job of eliminating some of the more common leads, it is possible that Toxic Spikes or Stealth Rock will be set up. As a result, it's probably still a good idea to carry a Rapid Spinner or have a team that's not significantly weak to these strategies.</p>