I came to this conclusion very late in the game. After working my ass off for 4+ years I realized the university honor code is basically toothless. Ohh, it will tell you a great story about all the things the university could do to you. But in the end it's not enforced or enforced so lightly that they shouldn't have bothered at all.
It used to be that cheating was just about the worst thing you could do in college and the university went through great pains to remind you of that. Robbery, murder?! that's a local police matter. Cheat, and we'll keelhaul you on the quad.