|Yes. Awesome enough to warrant NPH.|
Honor -- At the end of every game, you have the option to award teammates one of three different distinctions for honorable play. They can be Friendly, Helpful, or incorporate Teamwork into the battle. You can only honor a player once per game. You should choose Friendly if they added positive atmosphere to the experience, Helpful if they taught you something you didn't know or helped improved your gameplay, or Teamwork if they were invaluable in fights and overall victory. You can Honor your allies in victory or defeat and you also have the option of Honoring your opponent with the Honorable Opponent distinction.
Since everyone reading this post is likely a gamer, I do feel the need to point out that the Honor system does not involve rewards of any sort at the moment. However, you should definitely take advantage of it anyway! Promoting good sportsmanship, team play, and overall positive behavior is a great way to make the game better for everyone.
Keep in mind, too, that Riot is tracking players that trade Honor or abuse the system, and the results of this test of the Honor system will determine whether or not they keep it around and whether they add some sort of incentive later on. For now, it's important to be respectful and use it properly so that the community can grow and benefit from having a system in place that could someday have genuinely positive implications on online multiplayer games.
Even if you only like the idea if it leads to free IP or skins, you should still employ it in the right way so that we can get to that point in the future.
In the meantime, let's all enjoy something that will hopefully encourage players to act in a mature, positive manner, and reduce the number of game-destroying trolls and negative behaviors that lead the mainstream media to believe that online gaming is populated solely by thirteen year old boys who enjoy swearing, rage, and boobs.