The theory behind honey is that it is naturally antibacterial and is also highly hygroscopic and tends to suck all the water out of any microscopic critters that it comes into contact with. I've read that honey never goes bad and this is a testament to its antimicrobial properties. I don't know about 'never' going bad simply because never is a very long time. I can say that I've had honey stored for ten years that didn't get moldy or grow colonies. It crystallized but returned to its normal state when heated.

Word I heard was that honey was the mainstay of antimicrobial agents in the Viet Cong and NVA military organizations. It was seldom as immediately effective as using the right antibiotics but it seemed to work pretty well. Cheap and locally available in quantity, in addition to being functional, keeps it on the list of options.

There was also some reports a decade or two back of doctors resorting to a mix of honey and Betadine to treat skin infections that wouldn't respond to antibiotics. I can see myself trying honey or the honey/betadine mix if I lacked other materials. Even if I had antibiotics I might go to that mix as a first option for minor wounds. Use what you have a lot of, and can get more of easily, while keeping the hard to get antibiotics for serious cases and situations when the honey doesn't work.