Ladies and gentlemen, my thoughts on honor.
I myself happen to be one of those fortunate few to have a ribbon at the time of writing (green). I understand that the honor system was initially designed to be an experiment and it appears to have had some success in improving good conduct among some players.
That being said, it is time for riot to inform us as to what their plans are for the honor system. If it is to remain as it is for the foreseeable future then perhaps the honor system can be hailed as a story of limited success for riot. That being said, in it's current state there is no meaningful benefit of the honor system to any individual player save for a ribbon to proudly exclaim "I am a helpful/friendly/cooperative/courteous player" to other players.
Therefore, the honor system is only useful to players who benefit from the ego boost of being praised by others for their contributions in their matches. Admittedly Riot would have to exercise great caution in introducing any tangible reward to our pillars of the community. Whilst rewarding some can give everyone something to aim for, it would also alienate others who feel that they get honored infrequently. It would also likely lead to practices of illegal honor trading - an additional problem when you factor in other complications such as illegal ELO boosting.
My advice to players is this: take what you want from the honor system. If you feel that there is nothing to be gained from the honor system then don't bother with it (you won't be missing out). If the idea of a ribbon and positive feedback from others appeals to you, then by all means please keep doing your best to make the game an enjoyable experience for every other player during (and after) each match.
To riot I would ask this: what are your long-term plans (if any) for the honor system? I am not saying that anything NEEDS to be changed, but it would be nice not to have to speculate on the intentions that you have. P.S. Not knowing what your current/future intentions are would also be fine. Just please let our inquiring minds know!