It's very likely the Walmart key will only lock and unlock the car via the door keyhole, but it won't start the car as it does not have the RF transponder, that is why the programming as explained above. Check on eBay, here is an example. Make sure it has the transponder.
Honda Transponder Key Blank V Stamp Ignition Chip 46 Free Shipping w Tracking | eBay
Exactly right. I expect that one will work fine. I went through all this when I bought my 2011 LX with only one master key. The non-remote keys like the one there on ebay can be had for $10 or less on ebay. The 3-button remote keys go for around $25 (either non-genuine but new or genuine Honda but used, with a new blank). Either way, you'll need the dealer or a very rare independent locksmith (which may cost more) to program the immobilizer.
To do that they need to have the car and all other keys during the programming process, so you cannot do that online.
You can program the remote yourself with instructions online (I did not have to do this myself, but I can confirm that it is separate from the immobilizer programming).
One of my local dealers was going to charge bank for each key, etc. After asking my neighbor, who is a locksmith, he referred me to an independent locksmith who could do it for a little less, but still a lot. Then I checked my other local dealer (Honda Redwood City = Awesome, by the way) and they charged:
$25 for a non-remote key, including cutting the blank (this is not a "valet" key, BTW)
$75 for a 3-button remote key, including cutting
$65 for programming (both the immobilizer and the remote, which are different procedures) - FOR AS MANY KEYS AS I WANTED
$10 cutting charge per key for any ebay keys I would bring in - they of course could not guarantee those
The Honda system allows up to 6 keys total, with up to 3 of them being remote keys. Since these prices seemed low, and I expect to have the car for a very long time, I decided to get 2 new remote keys and 3 new non-remote keys (none of them valet keys).
I bought 2 remote keys (new, non-genuine) on ebay for $25 each. Then took the car in to have it done, and bought 3 genuine non-remote keys from them. They did not charge the 2 x $10 cutting fee for the 2 keys I brought in, and with a 15% coupon, I drove out of there with 5 keys for about $125 (plus the $50 I had spent on ebay blanks).
So I'd recommend looking for a more competitive dealer, and it could be that they'll also give you a deal on programming multiple keys at the same time. The ebay blanks should be fine - the dealer said that when cutting the two I brought in, it was a little tougher, so maybe the metal alloy is a little different than Genuine Honda, but they got it done and they work fine.
Also, regarding the Walmart $1.20, I doubt that is even possible as a door-only key for 2011+ with the "laser cut" key style. Those require a milling-machine type of a cut, and the equipment is far more expensive than that for cutting traditional keys (per my locksmith friend).
