Honor fights
What a joke
Now, I agree with your overall sentiment, but not this particular phrasing.
As Carberry has pointed out, we do have opportunities for honor fights. On the street in the middle of the night is not the place for it.
Further, I think AZRedHawk has a mistaken idea of the old west from the movies just as the anti-gunners do. However, even given his example, the reason such a fight like that can work is because there are witnesses there who both men can trust to prevent the fight from turning into a murder: should either pull a gun or a knife, the crowd would be expected to enforce the rules.
I think the idea of fights over honor is a bad idea because it necessarily favors the young over the old and the large over the small. Were we to have such a system in place, I'm fairly certain Fitz here would be free to insult me with impunity and were I to insult him back, he could challenge me to an "honor fight." At which point I could either demur and be called a coward or give him an opportunity to beat me. (Only to a point, of course, but any physical injury is no joke and permanent damage is sustained even in refereed fights. Sometimes even death.)
The sentiment is understandable though: there is something... mythical, I suppose... to having to back up your word with your fists ("honor fights") or your life (duels). I'd prefer to live in a more civilized age.
Having said all that, I now must say: I completely support this:
http://www.youtube.com/watch?v=wptn5RE2I-k Cut to about 1:30 or so for the point.
So what's my point? Not sure, except it is satisfying to see someone immediately get their just desserts. Note that this wasn't done in a back alley in the dark.