I don't have any in my first aid kit but I do take about 2 cups worth when ever I go on a road trip or camping. It's way more than I need for breakfast or sweetening tea so I consider the rest to be 'medicinal' just in case.
There are reams of literature written about the benefits of honey. I even own a survival book that advises you to not bother with a first aid kit...that a jar of honey is all you need! It's a good book other than that bit of extreme first aid advice.
I'm no expert but I've read up on it. There are several things going on in Honey that cause it to be antimicrobial. It's slightly acidic, it contains trace amounts of hydrogen peroxide (created by enzymes which continue to produce it after it's applied...I don't think you could design a more effective slow release system if you tried), how it deals with water, as well as certain other chemicals...it's really interesting stuff.
I did a quick google and this link came up first. I'm not sure how credible it is but there is a ton of info:
http://bio.waikato.ac.nz/honey/honey_intro.shtml