I am 7th Kyu and I was invited onto the STP a little earlier this year, along with my girlfriend who is 4th Kyu, whilst I was 8th Kyu. We were awarded the black and white belts at the end of May. I train in Manchester, England and the regional instructor is Sensei Neil Thomas. I currently Sempai at three classes a week with my girlfriend and there is a lot to be said for becoming a Sensei.
You will be expected to train at least once a week with other senseis in your region, and it's different to a regular class, quite often you will spend time doing nothing but kumite, and at other times nothing but kata.
I had my doubts about it when I was first asked, but like yourself, honoured at the same time. Personally I would recommend it, there is a real sense of togetherness amongst the senseis, more so than amongst the students - everyone is pulling in the same direction, all with a common goal - to inspire the students, make them believe they can do it, and build confidence.