One reason why people favor Hondas over Toyota is the resale value. Some people beleive that Hondas are well constructed, and last forever, as they do have that rep.
As far as performance goes, it's simple, with OEM parts to come up with 180whp out of a B series motor.
With aftermarket support greater then even domestics, Hondas are easy to upgrade, and easy to make fast, for very little money. Which is prolly why everyone and their mom owns one.
It's like the all in one package, looks, reliability, and performance.
I think that sums it up.