At one time, the honours system was probably a good and honest way of rewarding those who actually did something to improve the country in some way.
I'm afraid that these days it is more to do with who contributes financially to certain political parties (but not UKIP!) along with 'celebrities' who are in the public eye and, of course, not forgetting members of the royal family.
Personally, I am singularly unimpressed by people who are awarded honours, and that includes most of the 'hangers on' to the royal family. Phil the Greek is OK in my book, though, along with the Queen.
On the other hand, the award of a VC or a GC does have my sincere admiration.