I did =). I had a 4.3W GPA, 4.0UW, 2160 SAT, 720 Spanish, 710 Math II, lots of volunteering, VP of a club, lots of APs all in high school, biological sciences major, and i'm also a white female. I got Honors at Entrance. Mostly it helps you stand out to your professors, which helps you get research opportunities, internships, references, and letters of recommendation in the future. Now they're talking about maybe doing a separate honors program for pre-health students (like me) that would help people planning to be doctors, vets, nurses, etc. get the specific experience and guidance they need to get into grad schools. So if you're planning on going to grad school, it's a huge help. If you're not, it's not really that big a deal. You do have to take at least 2 honors classes per year and i think 20 hours of volunteer work, and keep at least a 3.6 GPA (which sounds easier than it is considering a 3.7 in an A- average). You can also qualify at any time in your 4 years at SB for honors if you didn't get it at entrance. How important it is really depends on what you want to do.
Hope that helped =)