When the set Legends was released in 1994, this card was given an errata to make its ability require a target. This made it incredibly powerful alongside cards that could not be targeted or any creatures with protection from green. In later years, this would include creatures such as Troll Ascetic with hexproof.
In recent years, the errata was reversed and revised to be something that was much closer to its original text. That way it would no longer target. This "nerfed" its power a bit, but it's still a strong card. If you can find one in near-mint condition, it's a rare and expensive card worth adding to your collection.
Drop of Honey actually is on the Reserved List. Compared to others on the list, it's now just very good rather than extremely powerful. With the errata that once made it immensely good no longer in play, it probably doesn't need to be on that list any longer.
Drop of Honey VS Porphyry Nodes
Because of the immense popularity of Legends among high-end collectors, even fair condition copies of Drop of Honey command a high price. Sellers can ask upwards of $500 for a near-mint copy. But, there's actually a very similar card to Drop of Honey, a color-shifted version from Planar Chaos called Porphyry Nodes. It actually does pretty much the same exact thing, but it costs one White mana rather than one Green mana.
It’s important to note that Drop of Honey is still played in some Legacy decks, such as Simic Titan, Lands, and Snow Food. None of those Legacy deck archetypes play White mana, which is why they play the $500 card rather than the $4 Porphyry Nodes. Yet, the only competitive Legacy deck that’s recently played Nodes is Helm of Obedience decks, which play four colors.
Do you think Drop of Honey could be reprinted in today's Magic if it were not on the Reserved list? After all, Porphyry Nodes doesn’t see Modern play. Of course, you could just print it in a product where it would only be legal in Legacy formats.
Have you ever played Drop of Honey or Porphyry Nodes?