Despite writeaway's assertion below that there is no AE/BE difference, I notice that opinions do seem to be falling that way in this discussion, with Michael, jccantrell, and myself all getting a military vibe from "guard of honor" that doesn't seem to be (as) present for the Brits.
I also wonder whether this is a case of usages changing in a living language. There’s an interesting discussion at
http://www.youandyourwedding.co.uk/forum/general-chat/what-d... – it begins with “You know at the end of the evening when you can walk through a tunnel created by your guests by forming two lines facing each other & raising arms/linking hands … what is this called?” and then further down the thread someone says “i think it's called a guard of honour or something??”
That suggests to me that “guard of honor” is establishing itself outside the military context, as Armorel and Alison say. But it also suggests that that process is still unfolding, and that “guard of honor” is not (yet) an established all-purpose term in the way that “Spalier stehen” is.