In general, honors courses have consisted of covering more than one year's material (compacting/acceleration) and extensive reading lists from which students choose a preset number of titles to complete and report on through essay, presentation, or long-term project. There may also be a capstone project of independent research utilizing source documents. High level of class discussion may often distinguish an honors class. These are good ways in which an honors course may differ from a regular/basic course.
Some negative ways in which an honors course may differ from a regular/basic course may include busy work, rote memorization, reading lists of dystopia genre -vs- reading lists which include inspiring, encouraging material.
Because you have also recently initiated a thread debating home school vs virtual school, are you contemplating creating honors level courses for home schooling your children?
If so, you may wish to consult the common core guidelines for a subject for your child's grade level and the next grade level or two, choosing materials and lessons which allow you to lead your children through the steps required to satisfy more than one year's standards.