Make compound butter by thoroughly mixing the room temperaturebutter with salt, honey, chili powder and lime juice.
Optional: Form into a tight log and roll up in wax paper and refrigerate for 1 1/2 hours. There will be some free lime juice that won't integrate all the way - don't worry about it.
Bring a large pot of salted water filled 2/3 way full (leave enough room for the corn to go in) to a boil.
Place corn in boiling water and cook (the water will stop boiling when you put the corn in, but start the timer now) ~ 3-5 minutes.
Serve hot corn on the cob with butter and sprinkle with some chili powder. Add salt to taste.
Notes
Hungry? Just slather the butter on the corn as it is - no need to form into a log or refrigerate.
Like lime zest? Zest the lime first and through that in the butter too.
For the Grill: Pull the husks down, remove the silk, pull the husks back up, soak in water and grill on medium high heat (oil grill grates first) for ~ 15 minutes, turning occasionally.