Our first Honor EventThe specific one they launched now is to gain 500 honor and they reward you with 100 insignia, 1 double honor scroll and 1 event box. Gaining 500 honor should not be too difficult and I would say that the majority of people with a healthy Level/BR ratio can achieve this inside 1 Battleground.
Healthy Honor Event TiersThat said, I was actually waiting for several tiers of difficulty instead of just 1 tier, but maybe they want to test the waters with this new event and then increase the options in the future. I would recommend to R2 for the future that a healthy Honor event should have an easy tier for the weaker people of 200 honor, then 500 honor, then 2000 honor and finally 6000 honor which is the daily maximum.
Saving Medallions for Honor EventsAs you know I like to save or collect as much of everything as I can, which makes my life easier when various events come. This time I had saved up 174 Medallions anticipating an Honor Event, which is of course much more than needed (these actually add up to 87k honor), but the most important thing of having some Medallions saved up is that you can complete this event after midnight and before the server reset when there are no more Battlegrounds!
On the picture below you see the Medallion item info (500 honor per item), my saved up Medallions and a screenshot of our first Honor Event. I definitely recommend saving some Medallions for such events (but maybe not as many as Cosmos-the-pack-rat did :P) and remember don't consume more than 50k honor (i think 50k was max) from these per day.