Now before you say, "you must be some low level n00b". I have 12 different characters across various realm types and my highest is a level 52 Druid, so don't even go there.
Hate to say it, but when it's as easy as it is in WoW to get to level 60, if you bought the game at release and still don't have a level 60 with gear from end-game instances, you're a "low level n00b".
Anyway, obviously during internal testing they found dishonor griefing to be too detrimental to gameplay. In case you forgot, an honor system including dishonor was going to be in the game at release, but they held it back for 5 months, in favor of a system without dishonor for killing players. They wouldn't do that "just for the hell of it". And even though they call it an honor system, it's obviously just a point system like frags in an FPS.
If you're smart, you're going to be going for the highest point value targets. If you're level 60, that's other level 60's. And you're going to kill them solo so the points aren't split. So they reward the most "honorable" (in the eyes of many players) kills the most. Just because "HK" pops up on the screen when you just killed that level 48 in a raid group for the 4th time, doesn't mean you're getting any more than a single contribution point. (A rank 0 level 60 killing another rank 0 level 60, dealing 100% of the damage to that player, not in a party, gets 166 points for the first kill.)