When the set Legends was released in 1994, this card was given an errata to make its ability a targeting ability. This made it incredibly powerful alongside cards that could not be targeted (in later years this would include creatures such as Troll Ascetic with hexproof) or any creatures with protection from green. In recent years, the errata was reversed and revised to be something that was much closer to its original text, so that would no longer target. It's still an interesting card and if you can find one in near-mint condition, it's a rare card worth adding to your collection.
Drop of Honey actually is on the Reserve List. It is a fairly powerful card, but compared to others on the list, it's now just very good. With the errata that once made it very, very good no longer in play, it may not need to be on that list any longer, and should perhaps see a reprint as a promo card sometime in the future.