I am sorry, but the plan is to take water, split it, recombine it and harness the energy?
If they found a way to split water with less overall cost (energy) then the amount of energy that can be harnessed from a FCV then they just revolutionized the world.
Being as I do not believe that they overcame the problem of the Law of Conservation I think that they are hiding something. If their chemical reaction to produce hydrogen from water uses less energy then you get back from the hydrogen/oxygen reaction to power the car then that energy is coming from somewhere. How often does this chemical need to be replaced? how expensive is it? how toxic is it?

I worked for an automotive company in their fuel cell facility, I think the technology is applicable. But it is not ready yet. Those Honda's will probably spend 10-20% of the time at the shop.
Additionally the lease Honda is charging will not even cover a quarter of the cost of the car, probably much less (when I left the facility I was at the cars would cost 50k if mass produced, but were running around 200k in the quantities being produced at the time).
Also,
Where is the hydrogen going to come from?
The statement that hydrogen is the most abundant element in the universe is true but misleading. Almost all of the hydrogen in the universe is in the stars. On our planet the easiest ways to get hydrogen is either cracking natural gas (methane) or electrolysis of water. Both of which are very energy intensive, where is that energy going to come from?

Oh, btw hydrogen is not that dangerous, if the tank is pierced the hydrogen will dissipate quickly. In anything expect the worst accident, a hydrogen car would be safer then a gasoline powered car.
The technology is coming, it will work, I am just sick of all these gimmick to make people think it is viable now and/or it solves all of the problems. The only problem is solves is you do not need gasoline. But you will need electricity to create the hydrogen, and to increase demand for electricity by the amount that would be required you would need coal/natural gas/nuclear. The enviro energies (wind/solar) would require way to much of a footprint.
Honestly an electric car or plug in fuel cell (with larger batteries) would be better suited to fix the transportation issues.