I think the new Honor System is great, but, it does seem to be lacking a few things.
Of course, I am making this before we see the actual system, so, what I list here might actually be in it. However, from what we've seen the new Honor System seems to lack things that would be considered actually good in the current system.
#1: You can only Honor one person?
From how I'm reading into it, you'll only be able to Honor ONE of your teammates. I feel this actually greatly detracts from the current system, because you have those rare moments where you want to honor your entire team. Say you were able to come out on top of a 4v5 situation, with no one losing their cool, and working awesomely together. Or, just coming back in general from having like 3 inhibs down. In those situations, I don't want to honor just one person on my team, my entire team deserves an honor!
#2: You can't Honor opponents.
At least, not yet. In the comments of the video released, one Rioter did say that they want to focus on friendly Honors first, but do have plans for opponent Honors somewhere down the line. Which, I can get behind, I just would have hoped it was in the launch.
#3: No rewards for handing out Honors.
If I recall correctly, the current system does (or, at least used to) recognize how many Honors you yourself sent out. But, in this new system, there is no mention of that. What if you're someone who loves throwing out Honors to everyone on your team every game? I've certainly seen people like that, and it would be a shame to not see the new system reward that kind of behavior.
Overall, I'm happy that the Honor system is getting overhauled. But, from what we've seen, it could still use some work.