Can I substitute one for the other in baking recipes?
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Yes, you can substitute molasses for honey. They're going to function essentially the same measure for measure since they are both syrups.
Keep in mind however there will be a difference in flavor (not necessarily bad, just different...which would be the case for one honey over another...different tastes).

Darin Sehnert
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4And don't forget molasses will impact the color of the resulting baked good! – VoutilaD Jul 30 '10 at 11:33
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Yes. You can also substitute 1 cup molasses with 3/4 cup packed brown sugar + 1/4 water, or 1 cup pure maple syrup, or 1 cup dark corn syrup.

Tim Gilbert
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Yes it is equal in measure but will make whatever your baking sweeter.

Tessa
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3Which one makes it taste sweeter? The question asks about substituting in both directions. – Cascabel Jun 03 '13 at 03:00