At my b-school (undergrad) the standard program is roughly equivalent to what you guys would call honors in the US.
It basically translates to having to attend many different seminars (starting 1st year), carrying out an international market study for a company (sophomore year), as well as having to write a thesis of approx. 80 pages to graduate (upper class). Because all students here go trough the same program though, it is not really helpful to differentiate yourself from your classmates. However, I am told it does help in finding your first job or in getting admitted to a good grad school because these things are pretty rare on an undergrad’s resume.
Here are my thoughts:
Find your major during your first year, (try to know by the time you start your sophomore year at the latest), and perhaps choose a minor if you have trouble deciding between two subjects. I am not going to encourage you to be overly pragmatic because you do have to make sure you love what you study, but if you gravitate towards topics that don’t necessarily apply very well to your professional objectives, at least spend some time really thinking it through.
Once you have a major (and minor if app.), my advice would definitely be to join the honors program. I don’t have a choice to do all these extra things at my college, but if I did have a choice, I honestly would do them anyways. I think in this dreadful job market (believe me, I have already gone thrice through the process of finding internships that go beyond flipping burgers, and it is not getting any easier), you need all the credentials you can get to be competitive. A sacrifice of some of your time now will definitely yield great benefits in the future ;-)