Eh, don't really care about the "honor" bs, I just do it as a way to show I'm ready to play.
Nothing against the role player types, but when people strut around duel servers doing their little text binds and such, it can be quite annoying not knowing when it is "safe" to start playing.
Usually if the little show goes on for too long I just go after them (and get the standard "SABER OFF = PEACE YOU ***!).
I admit though, you guys who do those really Loooooong dramatic bows, hehe, I can't resist tossing a saber at your head.