There is little that is particularly "honourable" about a system that was demeaned by being allowed to be bought by certain individuals recognised more for their contribution to Party funds than anything else.
In New Zealand, PM Helen Clark gave such honours and awards the big heave-ho and instituted a new, national system of awards. It seemed to me to be a good move given that the UK had discarded the old Dominions of NZ and Australia in 1975 in favour of Europe, making such awards as MBE etc utterly pointless. The current government, however, has reinstated knighthoods, so I'm looking to the future with some trepidation!