It works to maximize efficiency of circadian rhythms of your body, thus it depends on what you are doing.
When taken before sleep, your body is prepared for sleep and rest. Biologically, the breakdown of natural sugars in the honey causes them to quickly dissolve and become absorbed. Since the body is prepared rhythmically for sleep mode, the honey serves as a catalyst causing a deep relaxation for your mind and body, permitting an unperturbed night of healthy sleep. Basically gives energy for sleep, if that makes sense.
When taken in the morning, your body is prepared for action and quick activity. This same breakdown of natural sugars acts as a boost, and allows your body and mind to quickly wake up, being quickly alert and having vivacity. Gives energy for the day.
NOTE: When I say 'sugars' above, please know that I am by no means referring to typical sugar, such as that in candy or cane sugar. The sugars contained in honey are unrefined, derived completely from plant nectar, and contain a complex array of glucose, fructose, very little sucrose, and various other carbohydrate-sugars found in nature.
I don't eat much honey usually, but my dad buys it from the store. I let him taste some of it and he said it was better than most stuff he's gotten from any stores around here. 
