Kalonity, congrats on geting into Honors. There are a number of advantages of honors:
1.You can live in special honors dorms and meet honors kids,which I highly recommend.
2. You get first dibs on classes,which can be a big deal.
3. You graduate with HONORS noted on your certificate and transcripts,which doesn't hurt.
4. Honors special sections.
Also it isn't hard to stay in honors. There is no research project.
There are three categories of Honors: Low honors,which mearly requires you to take 24 credits of honors.
and Honors,which requires more honors credits ( 36credits I think) and 9 of these credits must be in special honors seminers. Frankly, I think lower honors is good enough.
There is also High Honors,which has same requirements as Honors EXCEPT that you maintained a 3.75 or better.
For a lot more information than I know, go to:
University Honors Program
particularly go to this thread for graduation requirements:
University Honors Program