Well, Honda has never actually raced a chassis before, ever. They only tested one in the early 1990's, but it was entirely secretive and they never actually stated how fast it was (a good website which has a lot of info about this is
http://8w.forix.com/honda101.html). However, teams like Toyota, even with a huge budget and all have done poorly so far. You cant win with only a huge budget. And besides, Toyota's f1 program is not run by its engineers (like BMW, HONDA, RENAULT, and FERRARI), instead, it is run by people who have very little to do with the actual company. Furthermore, Toyota does not have a 15 billion dollar budget, that is just plain stupid. They have increased their budget to 1 billion dollars over the course of 3 years. SO that is roughly 333 million dollars per year, and that is divided into chassis and engine development, while Honda spends 210 million dollars on the engine program alone, and this year will increase it to over 240 million dollars (because Honda has left CART, it can put more money into F1). Also, I dont see how Honda, which you may say is a small company (although it is 2nd largest in Japan, and larger than Renault, FIAT, and is almost equal to BMW and is the world's largest MOTOR company), would not be able to do well with a full car effort. Listen, budgets dont really matter that much, and Honda's budget is good enough, but its mainly about talent. Look at Jaguar, its financed by the world's 2nd largest automaker and has a huge budget, but still after three years, it has not done well. Well, that's my two cents.