I responded to a similar question here:
First Year College vs Honors Program Scroll down a bit for scholars info.
Honors is more selective, especially if you're trying to apply in as a freshman. If you get an invite after your first semester (>3.5 gpa for the invite, though you can apply on your own with >3.25,) it's a bit less selective. The person I spoke to said they usually receive ~40 applications for about thirty spots, though this year it jumped up to over sixty.