Just tried this, and it's very good. I used fresh ginger, ground cinnamon, and one cardamom pod, FYI.
If you are getting a bitter drink, try leaving out the tea until after the water has boiled, then adding the tea and letting it steep off heat for 3-4 minutes. Boiling tea brings all the tannins out, and they are terribly bitter.
Next time I will probably add more of all the spices, and add black pepper, since I like my chai robust. But the recipe is very good as is, and much better than forking over $4 for a box of concentrate at the store. (I'm leaving out the milk and keeping the spice/tea/honey mix in the fridge for chai emergencies!)