Android Honeycomb adds an 'Encrypt Tablet' security option
The process must be a long one, because the prompt tells you to ensure that you have a full battery before beginning the encryption. When they asked the Google representative about the encryption, he clarified that it is a feature of Honeycomb as a whole, not an exclusive to the Motorola Xoom.
Unfortunately, he wouldn't elaborate as to the cryptographic standard, so it may not be quite on the BlackBerry's level. Regardless, the mere inclusion of encryption bodes well for Android's future as a corporate user's must-have-accessory.