1. Preheat oven to 350°. Season chicken with salt and pepper, and heat olive oil in a braising pan over medium-high heat. Sear chicken thoroughly on all sides until it is a deep, golden color, about 3-5 minutes per side. Transfer chicken to a plate.
2. Add shallots and thyme to the pot, and sauté 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.
3. 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.
4. Remove the pan from the oven and transfer chicken to a plate. Remove bay leaf, and skim off and discard any fat floating on the surface of the sauce. Cook sauce uncovered on a burner over medium-high heat to reduce liquid by half, until it has the consistency of a light syrup. Reduce heat to medium-low, add chicken back to pan, spoon sauce over top, and cook for 2 minutes to reheat. Serve hot.