Blinkz,
I would definitely do the honours part of your degree if you have a chance to. This will give you the oppotunity to do a dissertation - a research project. I did an aviation related dissertation with my BIS degree, so it gives you something to talk about or write about in your applications. Of course there may be other things to write about, but i would certainly take up the chance while you can....
hope this helps.
JB.