I've seen cases where honorifics were translated (Kaiosama becomes Lord Kaio, Piccolo-san becomes Mr. Piccolo) and others where they are retained. Personally, I appreciate the honorifics in some ways (the fact that Goku hardly uses them goes to reinforce his innocence/ignorance, and I remember a scene where Piccolo refers to Kaiosama as 'Kaio' only to be quickly corrected), but can understand why it's odd in some cases.
For instance, the use of the honorific '-taijin' in Cowboy Bebop (both in the dub and subs) left me a bit lost the first time I saw it, as I was unfamiliar with it. Also, I can understand how some would wonder why a translation shouldn't 'translate' certain words and think that its simply a tactic to appease the "We don't know Japanese, but we know a few common words/phrases/honorifics"-crowd.
I could go either way, myself. Translations are greatly dependent on the translator of course, and if things are done competantly I can see honorifics being omitted. I do appreciate seeing them as a person who endeavors to learn Japanese myself also, though I'm very far removed from those who wander around speaking in choice 'Wapanese' to friends and family (and answer telephones with an ecstatic "Bug-bug!"

What do you guys think?
-Corey