So OP..if you're as tired as I am of seeing the back & forth you're wrong no you're wrong you know what you're all dumb this is how it works exchanges..
Consider this..the bot itself isn't detected..so running it isn't an issue at the moment..
Player reports are the most likely cause of trouble since enough player reports = investigations..
Only you can weigh the risks to value & decide how to minimize that in your own eyes..there's no secret..no guide..no if you get caught this or make sure you don't do this triggers..
At the end of the day all the advice in the world won't matter you're on your own when a ban comes..the best you'll get from anyone is sucks bro appeal it..
this ^^
I've only been botting (mildly) for about 7 months, I have a main account that I, very occasionally bot with when I'm lazy (using lazyraider, funnily enough) by controlling movement and letting the bot do the rest (LFR/PVP)... it's a 2004 account with things like murloc pets, oldschool mounts, tier3 gear etc on it.
I have another, seperate account with 2x farming chars on (pvp geared) - I'll bot for about 3-5 hours a few days a week using HBrelog and buddymanager to switch profiles and chars... mats are then sent to my main account for crafting and selling - works out about 5-10k per day I bot depending on how well things sell and I keep the gold I make.
So far I haven't had a ban/warning... but things could change, I would be upset if I lost my main account but that's the risk we all take. As far as anyone knows Blizzard can't detect the use of honorbuddy automatically, however it's easy for pretty much anyone to spot the tell tail signs of bot movement nowadays and 90%+ of suspensions or bans WILL come from people reporting you.
There was a blue post in the wow forums a while back explaining that "it's just not feasible to have GMs watching any more... they can't stress how important it is to use the report tool" etc so, for anyone worried about GM "eyes in the sky" watching you as you farm herbs, it's not likely.
There are things you can do to make it "safer" IMO (though this is speculation):
a.) use a plugin or tool that switches profiles and/or characters every so often.
b.) don't bot for long periods at a time, people take breaks, go afk etc.
c.) typing /DND will just make you stick out to other people
d.) if you're botting in BGs then install plugins like ultimate pvp suite and/or iGlue that will at least make your movement look a little more human (strafing, staying behind players etc) even if you are bunched with other buddies. If you're using a healer then nowadays it might even be wiser to use lazyraider and set a random person as a tank to follow/heal.
e.) having a separate account doesn't guarantee that your main account won't get banned (if blizzard rally investigate they will see transfers of mats/money between the accounts) but if you can get one then it will likely make it slightly safer... you could also go further with a separate PC/IP address (using V-P-N) for the bot account.
It's better that you use a "when" not "if" attitude towards getting banned, that way you won't be so disappointed if it does occur. If you're worried about losing an account then don't bot with it... really is that simple.