Absolutely, Honolulu's a good spot, though it does depend on what you're looking for. Obviously, it's a bit more built-up and "big city"-esque than other islands like Maui or the Big Island. The latter two have a few more scenic wonders (volcanoes!) and more remote beaches. On the flip side, Honolulu offers more amenities and attractions to keep families busy from dawn till dusk. You could also look at a resort like the Kahala to get away from some of the Waikiki hubbub: http://bit.ly/bNVkUP

Here's a link to some other top-rated family resorts around the Hawaiian islands: http://bit.ly/bbFgYG