Honey is a somewhat magical natural substance, produced by the ever more scarce honey bee. Honey can often be substituted for sugar in baking, presenting a healthier alternative to satisfy those post dinner cravings for sweets. Honey is also used in skin products, known for, among other things, antibacterial qualities.
When baking with honey, it’s best to keep the temperature lower, around 325-335 degrees Farenheit. In my opinion, burnt honey is a rather unpleasant smell, and could taint the flavor of a great batch of cookies. Honey also tends to aid in the rising or leavening of baked goods. Cookies puff the most noticeably, but cakes and breads may also require you to reduce other leavening agents or eggs in the recipe.
Honey is also sweeter than sugar, so when replacing sugar in a recipe reduce the amount. You can sometimes get away with half the amount of honey as sugar, but I generally prefer 60-80%, depending on the recipe. Honey complements some flavors, but can clash with others, so testing before the big part may be best.