Honors Colleges or programs offer the following advantages-
Class Size: Many of the classes will be specifically part of the honors program. These classes tend to be smaller, and more intensive. This allows more time with professors and other students that may help you truly master the material being presented. This experience gives you some of the benefits of being in a liberal arts school or private college with the lower tuition costs of a university.
Class Structure: In college honors programs, often there is more discussion and debate than lecture. This means that you will read assigned material before class. This creates a situation that is almost the opposite of a traditional classroom, where you study the material before-hand, rather than sitting through a lecture, and then spend class time working with other students on the analysis of the lecture that would typically be done as homework.
Diploma; Both honors programs and honors colleges provide special diplomas at the end of your college career that indicate you participated in and completed the honors college or program. While not all of your classes will be within the honors program, the diploma will show that you participated in a more academically rigorous degree program. This can be attractive to recruiters and possibly set you above other applicants when it comes time to enter the work force.
Housing: Typically, both honors colleges and college honors programs offer special housing for the students selected for their program. Sometimes these dorms are a little nicer and more spacious than other dorms. They put you together with other students in the program, the people who you will already be working with on a daily basis.