In a 3-quart saucepan, combine the honey and water. Place pan over medium heat and bring to a simmer. Stir until the honey is dissolved, making a thin syrup. Place the vanilla bean in the syrup and reduce heat to low.
Bring another large saucepan of water to a boil. Plunge the guavas into boiling water for a few seconds, then remove and peel. Add the guavas and cherries to the simmering syrup and poach for 15 minutes, stirring gently from time to time. Add the pineapple and continue to poach for another 5 minutes. Turn off heat, and allow the fruit to cool in the syrup.
Remove the vanilla bean, rinse, dry and store. Serve the compote chilled, or at room temperature. Garnish with thinly-sliced grapefruit.
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