Honor Rework concerns...
After seeing the honor rework, A few concerns came to mind. Some of which I believe are a significant issue.
First lets talk about the one honor limit. By limiting the amount of honors to one player, you inevitably harm those who receive nothing, even though they were honorable. Premades, especially 4 man ones, will likely never honor anyone outside their group or just not honor at all since only one other player can benefit and none of them are that player. So for those unlucky solo players placed onto premade teams, gaining honor might become extremely difficult. Also, what is to say that multiple players on a team are not equally honorable? If everyone contributed, was positive in communication, and helped each other out like a team should, then picking only one out of 4 good choices is pretty unfair to the other 3.
Secondly, having key drops directly tied to honor is probably not a good idea. While anyone level 2 can get the same drop rate, those under significantly suffer for it. But this could all be better than it seems. If by penalties, you do not mean queue timers for dodging games, client crashes, bug splats, or other not necessarily dishonorable acts, then it is not so bad. Sometimes you just do not want to play that certain game because the team is toxic already, or one of them is going to int feed, or the Ashe is new and has rushed thornmail for the last 4 games. Having to choose between a potential guaranteed loss, and reward drop rates lowering is a pretty crappy situation to have to be forced into because it is not 100% something you can control. Trolls will also abuse this if these kind of penalties count as "dishonorable acts" by holding player's drop rate and/or LP hostage forcing them to choose to keep maybe only one.
My last concern is actually more of an idea. Could banning someone's already pre-selected intended pick now be considered dishonorable? And also, would this system also semi function as a player moderation system? Maybe those very dishonorable players could have some indicator for others to see. If someone is considered very dishonorable, than likely something they do often is not well liked. Many players would likely not want to play with them on their team and would appreciate the warning, even if only it appeared in ranked queues. This indicator could go away after a time too. I think this would be a great option because it would both force those very dishonorable players to get their act together or they will not likely be able to get into many games. It would be their public mark of shame, which after a time or maybe a certain number of honorable games would go away.