Honors college programs are generally programs for smaller groups of students who have met some kind of specialized requirements in order to qualify for the programs in question. Some of the most academically talented and motivated students in the school can likely be found in its honors college program.
The specifics of honors college are going to vary from university to university, of course, so if you've been accepted at your college's honors program, you should inquire further there to find out the particulars. Often, though, honors programs will involve special activities and academic courses, as well as a different or specific living space.
Honors colleges and programs offer different experiences than what you might otherwise find, but that doesn't always mean that honors programs are right for you. You'll have to do some investigating and look at all the involved factors in order to determine whether or not pursuing an honors program is the right course of action for you.