Answer to Question 1
To consider one worthy of high regard, to consider one's behavior or profession with honor.
Answer to Question 2
There are many reasons. First, trials may be appealed and the original record is necessary to see what transpired during the trial. Secondly, later cases that are similar may use past trials as citations of authority in bolstering their case. Thirdly, there is a sense of integrity when we preserve historical data for posterity.