Nothing wrong with an honorary degree. It's not like they're going to use it, and it's one of the ways that the university can honor the students. I'm sure there will be memorials as well, but the funding for that will probably come from a private contribution.
In any case, it's totally senseless, and I can also understand how students would not be able to concentrate at this point. If it had happened here, I'm pretty sure the rest of my semester would be up in flames.
I'm also sure that some people may use this as a gun control platform, but one has to think that they'd have had a better chance had one of them been armed. And I have a feeling that as deranged as this guy was, he would have obtained a gun even if they were all illegal. Perhaps better information integration about past history would help, although that's not an easy fix, either.