Whisk together the first 13 ingredients until blended. Pour 1 cup marinade into a shallow dish. Add chicken; turn to coat. Refrigerate, covered, at least 3 hours or overnight. Cover and refrigerate remaining marinade.
Preheat oven to 375°. Drain chicken, discarding marinade. Bake chicken in a greased 15x10x1-in. baking pan until a thermometer reads 170°, 20-25 minutes.
Meanwhile, to make sauce, simmer reserved marinade, water and honey in a small saucepan over medium-low heat. Remove from heat; stir in lime juice and cilantro. Serve chicken topped with sauce.