To "honor one's craft" is to treat that craft in a respectful manner. To not take it for granted. To spend the time and effort needed to perfect it. To purchase tools to use that say, "This craft is important to me, and I will show it by the quality of my tools." For some writers, that might be an expensive fountain pen. For other writers, honoring one's craft may mean beginning the day with a small ritual, surrounded by inspiring totems.
I am a sucker for handmade leather goods (that look appropriately masculine!). Several years ago I discovered online a company called Oberon Design. Over time, after purchasing -- and appreciating -- leather covers for iPhones and iPads, I finally decided to spring for a leather cover for my composition notebook. In addition to copious notes I capture on my laptop using Evernote (a future blog topic), I also like to jot down notes in a (retro-looking) composition notebook. I figured purchasing a leather cover for that notebook was an appropriate way to honor my craft as a writer. I chose a pattern called "Celtic hounds" because it seemed like a good fit with my fantasy writing.
Whenever I pick up my notebook, the cover says to me, "There is something very special inside here." That, to me, is what is meant by honoring one's craft.
PS: Nothing can beat a Pentel EnerGel pen for smooth writing!