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 compound 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.
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.
Use unsalted butter in your cooking to control the amount of salt intake in your diet.