@BlockMI Honors gives you a couple of great advantages. First you kid gets to live in the honors dorm in what used to be called Core (someone now payed money to have their names on the dorms) which are very nice first opened in 2015 or so. These dorms also house the honors college classrooms and offices. The other advantage is the honors students get to pick there classes before their other class members. So in other wards Freshman class selection is Honor first and then all other freshman.
I would note there is a $500 a semester additional charge for honors students.
My daughter is currently a sophomore doing the whole honors thing and has really liked it.
Good luck to yours in what every you decide