I really don't think "Has honour died out" is the right question to ask here. Really the Honour code, or code of discipline is more dating back to fedual japan, medieval europe, the roman empire, etc then it is to todays society. I would rather pose the question of "Has today's generation lost its respect". To that I would answer, most definitely.
Though to answer the question. I would say it has on the whole. I was personally brought up to respect my elders, be a gentleman towards women, say my P's and Q's, as well as having a strong work ethic instilled in me. I've found that in today's youth (I'm still young, 25, but I'm talking about teenagers mainly here, say 12 - 20) there is none of those qualities. Sure, you'll meet people with those qualities, but they are so few and far between now a days it's sickening. If the ture sense and wording of honour has really died out, then I blame parents and todays society.