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Each contract should be treated individually. Each employer, too. Be sure you understand what you sign. Ask for X days to respond. Read and re-read the contract. Get help if necessary. Look for anything having to do with termination. Non-compete clauses, too. (depends on the field)
Yes, there's some honor involved. If you're a habitual job changer it will get around. Would you want to invest in someone who couldn't stick with commitments? While hopping was the rage during the bubble, loyalty counts for a bit more now. (Though not more than employer->employee loyalty, which isn't great.)
How much are you inconveniencing the employer? If you verbally accept but back out before signing it'll be a minor inconvenience. Maybe bruised egos. If you back out after orientation and leave them short for a big show then expect a larger reaction. Some contracts spell things out, though they may be more bark than bite. (depends on the contract vs. employment law)
Get the information you can. Make the best decision you can. It's tough when things are happening quickly but you have to walk the line between treating yourself right vs. screwing others to whatever degree. Remember, how you do things is as important as what you do. You can smooth over what might otherwise look like a flaky move. If you get a great 2nd offer, let them know. Soon. People generally understand if you don't leave them in the lurch. It's a small world and you may be working with or for them later.
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There are a vast number of people who are uninformed and heavily propagandized, but fundamentally decent. The propaganda that inundates them is effective when unchallenged, but much of it goes only skin deep. If they can be brought to raise questions and apply their decent instincts and basic intelligence, many people quickly escape the confines of the doctrinal system and are willing to do something to help others who are really suffering and oppressed." -Manufacturing Consent: Noam Chomsky and the Media, p. 195
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