So, the “Honor System” was patched into WoW almost week ago. – It went live Tuesday sometime. In roughly a one week period, it has had a dramatic impact on the game.
Obviously, I don’t know what things are like on every server, so I’ll be speaking on my experiences on the Bleeding Hollow server. 
Last Tuesday I had around 60 gold on my main character. Last night, I had less than 20 gold. Not all of it was spent because of the honor system and the forced PvP, but a good part of it was.
Tuesday when I logged into the game, the price for Major Healing Potions had gone from 4-ish gold on up to 10 gold. Thankfully, they’ve come back down now, but that was amazing to see.
Questing in any “yellow zone” is almost impossible at this point. I’ve been ganked in Redridge, Darkshire, Wetlands, Plaguelands, and just about every other place. Though, the worst spots have to be Arathi Highlands, Hillsbrad Foothills, and Alteric Mountains. Questing in those three zones have become almost impossible now.
Ganking in WoW was already a common thing. I try an avoid it (unless provoked into it), however there are a good number of guilds that have nothing better to do than run around and kill others that cannot defend themselves. With the addition of the honor system, ganking now has a reason.
The “Honor System” now rewards people to go out and gank. Find someone being attacked by a mob and kill them. Over and over and over again. I don’t know how someone could possibly find that fun.
Ganking isn’t the only problems. The constant “ping pong” battles between Tauren Mill and Southshore have really gotten old. The lag caused by the never ending and unwinnable battles is horrible. Take a game that was already lagged, add something that makes the game lag more, and we’ve got one hell of a mess.
It’s more than obvious that the whole PvP system wasn’t thought out to well by Blizzard. It needs a major change and soon, otherwise I think Blizzard will see a lot of people leaving. – Hopefully they will move servers, but most likely they’ll leave the game. I’d hate to see that happen.
Maybe Blizzard did think this through. Maybe they did the PvP system like this to get rid of some of the excess gold that has made its way into the game thanks to the eBay sells. I know it’s reduced the amount of gold that I have. 
Don’t get me wrong, I love a good PvP battle. But a war that has no outcome? Well, you have to draw the line someplace.