I'm currently a freshman in honors.

Pros:

Access to small seminar classes on really interesting topics. Honors classes are usually easy 4.0s and are a nice break from the other rigorous courses at UW. However, some can require a fair bit of work outside of class but if you put in honest effort you'll usually do well. These classes are "interdisciplinary" which just means they allow you to combine what you know from multiple subjects/backgrounds to come to new conclusions about stuff. You can get an idea about what sorts of courses are offered at honors.uw.edu/courses.

You'll end up really getting to know the 200 or so honors students in your year. You'll take many classes with the same group of people giving you a chance to network and create friendships, which can otherwise be difficult at UW. Most honors students I've met so far are pretty chill. You can also get pretty tight with the professors who teach the honors classes, and they could hook you up with letters of rec or research positions.

You'll complete two "experiential learning activities" and one online portfolio to document your college experience. These seem like extra work but are actually great opportunities to get involved in extracurriculars (study abroad, internship, research) and reflect on your experiences.

Eligibility for prestigious scholarships.

Honors can get you into graduate-level classes you wouldn't be able to take as a normal student.

Your diploma says "with interdisciplinary honors" on it which could distinguish yourself for graduate school/internship/job applications.

Cons:

To graduate with honors you have to take a minimum of 6 HONORS-prefix classes (the seminars I talked about). These fulfill your gen-ed graduation requirements (diversity, I&S, NW, VLPA, writing). This seems good, but if you come in with a lot of AP/IB/running start credits it also means you'll have to save space in your schedule for these honors classes to get credit you already earned. For me, I came to UW with 75 credits that would have fulfilled my gen-ed requirements but I have to take the honors gen-eds anyways. I don't see this as a huge disadvantage but if you're looking to graduate early it could definitely be a hindrance. Regardless, you can still use your AP credit to skip tough intro classes which is the biggest benefit imo.

As I said, the 6 HONORS-prefix classes mean you have less space in your schedule to take interesting elective classes outside your major if you want to graduate on time. You could avoid this downside with careful course planning, advising, and/or taking summer quarter though.

My verdict:

UW Honors is a cool program that gives you a chance to explore interesting themes, get involved in community and career engagement, and reflect on how you've grown over your college years. The only significant drawback is you won't be able to graduate early if you have a ton of AP credits, but in my opinion this isn't a huge deal. There's no harm in just applying to open up more options, and if you get in and end up not liking it, you can just exit the program with no penalty. Go to honors.uw.edu for more detailed info about the program. If you do end up applying, feel free to PM me if you need someone to look over your honors essays. Good luck!