Here are some thoughtful reflections from Pastor Andrew Murray (b.1828, d.1917) regarding the importance of the fifth commandment:
The young child is guided, not by reflection or argument, but by feeling and affection. He cannot yet realize and honor the unseen God…The child can only honor what he sees to be worthy of honor. And this is the parent’s high calling—always so to speak and act, so to live in the child’s presence, that honor may be spontaneously and unconsciously rendered…
Above all, let parents remember that honor really comes from God. Let them honor Him in the eyes of their children, and He will honor them there, too. Let them beware of this sin, honoring their child more than God; it is the sure way to grief for parents and children together. But from parents, who in everything seek to honor God, children will learn to honor God and them together; the parent who teaches his child to obey the fifth commandment has guided his feet into the way of all God’s commandments. A child’s first virtue is the honoring and obeying of his parents.
(“The Children’s Commandment” quoted from Your Child’s Profession of Faith by Dennis Gundersen, copyright©2010, page 118)