Well when Honeycomb comes on-line (2 weeks?) and uniswap LP pairs are funded with any reasonable HNY rewards basically this would offset impermanent loss.
One thing I want to point out here because it seems people are massively focused on USD value of their holdings. In most pairs people are providing for there is a base value unit they are optimizing for (either wETH, or xDAI) - some people might just want more HNY.
My point here is that if you own liquidity in the HNY-xDAI pair and HNY 4x’s you basically will get a sqrt(4) - 2 times increase in value. If it HNY 4x decreases your value drops by 1/sqrt(4) or 50% not including any fees or LP rewards.
What being in a pair with one side pegged to stable value does is reduce your potential gains as compared to holding the assets separately, but it also reduces your losses if the price drops, both by this square root factor. In effect holding your Honey with xDAI in a pair reduces the volatility in the total value of your holdings and gives you a fee return that if the price ever returns to where you deposited becomes the return on the liquidity you provided.
Personally I consider this a better way to hold an asset if you want to get some return with reduced volatility (less risk), any additional return provided by the Hive to incentivize Liquidity Providers in uniswap is a bonus overall and should in most normal cases far and away give more return than just the .3% on fees* volume.