Preheat the oven to 425 F. Line a baking sheet with parchment paper.
On the prepared baking sheet, toss together the Brussels sprouts, shallots, olive oil, and a pinch each of salt and pepper. Arrange the Brussels sprouts cut-side down. Sprinkle on the 2 cheeses and then the pepperoni on top.
Roast about 20 minutes to crisp pepperoni.
In a small bowl, stir together the vinegar, honey, and a pinch each of red pepper flakes and salt until tastes yummy.
Drizzle the honey mixture over the top and serve warm.