It is possible to set a Wallpaper (including Live Wallpaper) in the leaked version of honeycomb on revue through Home-(options key)> Home and all apps settings -> Change wallpaper
However, I've found no way of actually viewing the wallpaper afterwards.
Therefore, I create a simple app called Current Wallpaper https://market.android.com/details?id=c ... twallpaper
It allows you to view the current wallpaper in a standalone app. It is also simple to change the wallpaper from the app (click the options key).
Personally, I will be using this to view music visualizations live wallpapers such as
Epic Audio Visualizer
https://market.android.com/details?id=c ... le.epicvis
and the ongoing port of milkdrop to android (currently doesn't support x86, but developer has promised to in the future)
http://forum.xda-developers.com/showthr ... 249&page=7
Unfortunately, the performance of the Epic Audio Visualizer is quite poor on Google TV.