To covet means to earnestly desire. So the clarification: what and why am I coveting? If I see someone pleasing the Lord with there faith, walking in the power of their gifts, it is honorable for me to earnestly desire to emulate their example. Even Paul instructed his readers to imitate him in his faith. Desiring passion for the things of God that we observe in another is pleasing.
The ultimate test of honorable coveting is whether the thing desired is for my personal gain or for the glory of God. Earnestly desiring my neighbor's BMW probably hovers around personal agenda. While wanting to live my brief stay on this fleeting earth in powerful effectiveness for the kingdom of God--as observed in another--points to the glory due His name.
May we earnestly desire to follow in the footsteps of those giants of faith. Thank you, Lord, for speaking.