Preheat oven to 475 degrees. Line a shallow roasting pan or 9-by-13-inch baking dish with aluminum foil. In a large bowl, mix together honey, soy sauce, and 1/3 cup water. Add chicken, and toss to coat; season with salt and pepper. Transfer chicken and honey mixture to prepared roasting pan.
Bake chicken, basting with juices from edges of pan every 10 minutes, until well browned and an instant-read thermometer inserted into thickest part of drumstick (avoiding bone) registers 165 degrees, 30 to 40 minutes. Serve chicken drizzled with pan juices.