
Did you know that honey is a natural preservative? The composition of honey allows it to bind to water molecules. This means that bread made with honey will not get stale as quickly as bread made with sugar. You can get more technical information
here.
Because honey is a natural sweetener, it contains trace minerals and vitamins that refined sugar does not have as well as antioxidant properties. Also, the body takes longer to absorb honey, making it a *slightly* healthier choice.
There is no hard fast rule for substituting honey for sugar in a recipe. It is a matter of trial and error. Honey is sweeter and wetter, so in general, you can use less of it and reduce the liquid content as well.
I grew up being taught that there was two ways to thicken up sauces, soups, gravies... 1) Flour and 2) Cornstarch.
My mom always said Flour = Cold; Cornstarch = Hot. That means, you use flour at the beginning of the recipe in melted butter or sprinkled on potatoes, apples, etc. As it gets hot, it then starts to thicken the liquids. Cornstarch, on the other hand, was mixed into cold water and once the recipe was boiling, the mixture was slowly poured in. This was a general rule, not to be followed religiously.

In the last few years, however, I have discovered a new trick that works wonderfully for thickening chili* and spaghetti sauce**: Cornflour (or Polenta or cornmeal, depending on where you are from). If your spaghetti sauce has turned out too soupy, toss in a couple tablespoons of cornmeal and it soaks the liquid right up, giving the dish a nice, thick consistency without any change in flavor.
* aka: Chili con Carne
** more properly referred to as Bolognese sauce
Photo from http://www.barryfarm.com/