I am of the opinion that having Honor, Morals, Ethics, and feelings of guilt are virtues. If you don't have them your basically a sociopath. While they are virtues, they are also weaknesses since they can be used against you. These concepts are of extreme importance to the Ranma 1/2 storyline; if the characters had different ones from the one's they have the story would be completely different.
Ranma has an honor code, is a moral person, has somewhat questionable ethics, and frequently feels guilty when he has wronged someone. These traits have been shamelessly used against Ranma many times in the manga.
Ranma's honor code is mostly unknown. We do know that part of it is to protect people and fight monsters as both Genma and Ranma have stated this several times in the manga. Several of his largest problems are problems of honor. There are the various engagements which are a problem of honor (not a problem legally since in Japan forced marriage is illegal by the constitution). His mother held and still does at the end of the manga a pledge stating that Ranma has to be manly or commit Seppuku (even after knowing and accepting that he turns into a female she still seems to hold the pledge since after Ranma moved out of the Tendo's and was feeling depressed she went for her sword while commenting that he wasn't being manly) which wouldn't mean anything if Ranma didn't have an honor code since he could run away or go to the authorities (it's technically illegal and even if it was legal Ranma is not an adult and it would violate Article 19 convention of the rights of child). People have also tried to use his honor against him several times in several ways one way being duels of honor with something (often Akane) at stake. If he didn't have honor they'd be meaningless since he just wouldn't abide by them. Genma and Soun make many attempts to use his honor to force him to marry Akane or do something. For example, when it was thought Akane was turned into a duck Soun tried to use Ranma's honor coupled with his feelings of guilt to marry him to Akane. He has used it in other ways as well for example during the Orochi arc after Akane left Soun used Ranma's honor to get Ranma to chase after her, when Akane went on her first date with Ryoga Kasumi and Soun sent Ranma to watch over her, the scheme with the Dojo Destroyer also was using his honor against him.
Like his honor his morals and ethics have been used against him multiple times as well. His morals and his honor compel him to help people like Happosai and the sick perverted kid. Examples of morals being used against him: Every single thing Nabiki has done to him was only possible because of his morals, ethics, and sense of obligation. She used his feelings of guilt and sense of obligation to her advantage when he accidentally destroyed her tickets to get him to buy her expensive sushi (his suggestion as repayment), pose for pictures (again his suggestion since Nabiki viewed the sushi as insufficient repayment), and later blackmail him. The only reason she was able to sell him by the hour to his classmates was because he felt that since they paid for the time he was obligated to spend the time with them, etc.
Even though Ranma is a moral person and tries to do good his methods of doing so are, on occasion, using questionable ethics. For example, to help Pantyhose Taro get his name changed by Happosai Ranma drugged Happosai (chloroform), wrote a play to manipulate Happosai, and used mind altering magic on Happosai (suggestion incense). Another occasion of his loose ethics is using magic to help Ryoga and Akari get together.
If Ranma did not have morals, ethics, honor, and feelings of guilt the manga would be a lot different and Ranma would be much more dangerous. Moral's and feelings of guilt prevent him from beating up girls, prevent him from seriously hurting his opponents like Ryoga, using killing or maiming techniques, blackmailing/manipulating people more often and limit the severity of his machinations, using sneak attacks/being offensive more often, seducing people, only thing keeping Nabiki safe, etc.