I think the only worth of HoM in GW2 that Anet has in mind is that you get to show that your GW2 toon was descended from a GW1 toon which had that many worthy achievements; something that the folks that had never played GW1 will never have or unless they are willing to spend extra $$ to purchase GW1 later on and start working for it.
I have a feeling that:
- Current heroes will appear as part of GW2's lore
- GW1 armor designs will not appear in GW2 (become history)
- GW1 minipets will not reappear in GW2 (become history too)
Anyway, HoM is like a marketing tactic to please current GW1 players for their change of plans and move together to a better platform. I wouldn't discount the fact that it's pretty good for $$ later on too when hardcore players new to GW sees HoMs of ex-GW1 players and starts buying GW1 after GW2 to enjoy the same status as a veteran. Either way, Anet will benefit.
To be honest, the only worth of HoM at this point (to me) is to commemorate what will become historical. And also, character name reservation. I'm also hoping that Anet will at least surprise me for once.
EDIT: I forgot to mention that it's quite possible that veteran players in GW1 may be rewarded with some aesthetic advantages in GW2 over those that are entirely new to it; just like not all of us have divine aura or special dances. If Anet would do this, I don't think it's a bad idea. Still, it's just my pure speculation.