Preheat oven to 350*. Season chicken with salt and pepper, and heat olive oil in a dutch oven over med-high heat. Sear chicken thouroughly on all sides until it is a deep, golden color, about 3-5 minutes per side. Transfer chicken to plate.
Add shallots and thyme to the pot, and saute until soft and golden. Pour wine into pan, and scrape up any bits left from the chicken. Cook 1-2 minutes, until nearly all liquid has evaporated.
Add vinegar, broth, honey, bay leaf, and chicken to the pot, and bring to a simmer. Cover tightly and transfer to oven.
Cook 30 minutes, turning once, until chicken is cooked through and is a deep, mahogany brown.
Remove chicken and bay leaf from pot and skim any fat from sauce. Cook sauce uncovered until reduced by half. Add chicken back to pan, spoon sauce over top, and cook for 2 minutes to reheat.