My 2006 Honda Ridgeline has an OLM like yours and I thought it was a nothing more than a knock-off of GMs. I heard at the Ridgeline forum that it is similar in concept to GMs but much different in design and how/what it measures. I'm not sure in what way it does its job but a guy at the forum with some inside Honda sources is finding out and when he reports on it I'll bring the info over here.
Most Ridgeline owners have said at the forum that their OLM shows 15% oil life expectancy (this is when the first service due signal comes on) anywhere between 5000 and 7000 miles. That much difference in miles tells me that it indeed is monitoring driving habits, engine revolutions and temps, engine load, etc. rather than being just some sort of idiot light. The Honda maintenance minder is calibrated for dino while some of GMs monitors are calibrated for synthetic oil, depending on the car model.
There are some things I don't think the OLM can know that would impact on the OCI such as if synthetic oil is used, which should last much longer than the OLM would indicate. Also, certain severe conditions such as driving on very sandy or dusty roadways, etc. However, the few Ridgeline owners that have had UOAs performed have found that the monitor pretty well reflects the condition of the oil. It is a wonderful tool and the technology has been time tested for several years now. I would trust it and the engineers who designed your Honda motor much, much more than I would the service manager.