As a current freshman at UF, I'd say there are two benefits to the Honors program.
1) Amazing Dorm.
2) Some smaller classes.
That's about it though, there's some extra work, and who wants to sign up for that?
Perhaps I'm still a little bitter about not getting into UF Honors with a 1380 and a 31 but getting into Cornell and Dartmouth, but whatever
Seriously though, don't worry about it if you can't get in, you'll still have a blast at UF.
BTW, I've heard that lateral can be pretty tough, you should be able to get all A's and such. Plus, you'll probably not be able to move into Hume.