I sported a few honor cords in HS, but none after that. Maybe I just wasn't very honorable
since I was kind of a slacker in undergrad. It wouldn't have mattered either way, really... I graduated 5 years ago and have no clue which of my friends wore cords. Ustwo's right: fewer people care as you go higher up in academia.
That said, the big deal at the Master's and PhD levels are the fancy robes themselves. I really loved having a big-ass hood on my back for my Master's, and I am going to rock out in my doctoral gown (which are cool because of how medieval they look, right down to the goofy pillow hat). I always found it amusing that the doctoral gowns cost as much as some wedding dresses... but hey, at least academics get to wear them once a year, instead of once in a lifetime!