The Collaborative International Dictionary of English v.0.48:

Honor \Hon"or\, v. t. [imp. & p. p. Honored ([o^]n"[~e]rd); p.
   pr. & vb. n. Honoring.] [OE. honouren, onouren, OF.
   honorer, honourer, F. honorer, fr. L. honorare, fr. honor,
   n.]
   1. To regard or treat with honor, esteem, or respect; to
      revere; to treat with deference and submission; when used
      of the Supreme Being, to reverence; to adore; to worship.
      [1913 Webster]

            Honor thy father and thy mother.      --Ex. xx. 12.
      [1913 Webster]

            That all men should honor the Son, even as they
            honor the Father.                     --John v. 23.
      [1913 Webster]

            It is a custom
            More honor'd in the breach than the observance.
                                                  --Shak.
      [1913 Webster]

   2. To dignify; to raise to distinction or notice; to bestow
      honor upon; to elevate in rank or station; to ennoble; to
      exalt; to glorify; hence, to do something to honor; to
      treat in a complimentary manner or with civility.
      [1913 Webster]

            Thus shall it be done to the man whom the king
            delighten to honor.                   --Esther vi.
                                                  9.
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            The name of Cassius honors this corruption. --Shak.
      [1913 Webster]

   3. (Com.) To accept and pay when due; as, to honora bill of
      exchange.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

honored \honored\ adj.
   1. of high repute; -- of people.

   Syn: esteemed, prestigious, respected.
        [WordNet 1.5 +PJC]

   2. greatly admired.

   Syn: glorious, illustrious, magnificent.
        [PJC]

WordNet (r) 3.0 (2006):

honored
    adj 1: having an illustrious reputation; respected; "our
           esteemed leader"; "a prestigious author" [syn:
           esteemed, honored, prestigious]

Moby Thesaurus II by Grady Ward, 1.0:

61 Moby Thesaurus words for "honored":
   acclaimed, admired, adored, appreciated, celebrated, creditable,
   crowned with laurel, distinguished, esteemed, estimable, fabled,
   famed, famous, far-famed, far-heard, held in esteem,
   held in respect, highly considered, highly esteemed,
   highly regarded, highly reputed, highly respectable, honorable,
   in favor, in good odor, in high esteem, in high favor, laureate,
   legendary, marked, meritorious, much acclaimed, much-admired,
   mythical, noble, notable, noted, notorious, of mark, of note,
   popular, prestigious, prized, renowned, reputable, respectable,
   respected, revered, reverenced, reverend, talked-about, talked-of,
   valued, venerable, venerated, well-considered, well-known,
   well-thought-of, worshiped, worshipful, worthy