Well from basic microbiology, microorganisms need a certain range of sugar/nutrient concentration in order for their metabolism to function. At very high gravities, the osmotic pressure will pull all the water out of a yeast cell and prevent it from metabolizing. This is why it's increasingly important to properly rehydrate yeast when pitching into high gravity musts. This is also the main reason that honey has such anti-microbial properties. It's simply so high in gravity than any critter that get's into it is immediately dehydrated and made inactive. (There are probably other anti-microbial properties to honey, but a straight sugar solution with the same gravity of honey will show much the same phenomena.)
The SG of honey is supposedly in the 1.400 1.450 range, and we know this is far beyond the max gravity for most yeast to do anything. I think the maximum SG would be very highly dependent on the yeast strain and how gently it was acclimated to the high gravity. If you use a very robust yeast (say, EC-1118), and properly rehydrate it and slowly increase the gravity of your must, then I think you should be able to handle something in the 1.200 1.250 range (maybe a touch more). Unfortunately, the resulting drink could be so syrupy-sweet as to be undrinkable (think vodka + pancake syrup). (I'd expect an ale yeast to have trouble around 1.150+)
Just my opinions...