Although the details of the system have changed over the years, students still understand and value truthfulness and reliability.
Both students and alumni talk about the Honor spirit with the same words. It is a shared value in that it cuts across all these generations.
Honor will only be irrelevant when people stop debating it and people stop talking about it.
I remember as an undergraduate feeling that respect.
As UVA grows, as it changes, it can better reflect the students.