Originally Posted by Duane in Japan
This looks like a classic Engine Coolant Temperature (ECT or TW) sensor. Honda uses this sensor to detect the starting temp of the engine, then during warm up in Open Loop Strategy it starts to deliver less and less fuel while the engine gets up to fully warm status or Closed Loop Strategy.
In Closed Loop Strategy, Honda does not use the ECT Sensor at all so if the sensor opens, or shorts, or goes cold, the ECU does not care and you would never know it until the next key off. If your key off is 1 second to about 45 minutes, this is called a hot soak and many problems can show up during a hot soak, such as an overheated ignition coil. But in your case, I believe that the ECT is saying to the ECU that the engine is -40F and the ECU wants to deliver lots and lots of fuel, hense, flooding the engine.
It has been a couple of years since I seen this problem on the internet but I use to tell folks to go to Radio Shack and get a 330 ohm resistor (I think), pull the ECT connector, insert the resistor into the connector and the car should start up just fine. You can also wait more than 45 minutes to an hour and the car should start up fine.
EDIT: Had to go, back now, if the resistor fixes your issue, then of course, get an new ECT sensor, its a two wire sensor, different cars put them in different locations, sorry I am moving my house and my data is packed away.