Natural coloured honeys are easy to sex - males are tan, females are beige. The first few photos in Colin's link show the male.
The yellow form are not quite as easy but they can still be told apart. Males tend to have orange in their tails while females don't. Females tend to have a darkish stripe running from nose to tail, while males don't. The stripe may be continuous or broken and is a lot more obvious when the fish is stressed eg in a shop tank.
As for breeding, mine bred many times, and some of the eggs even managed to survive long enough to hatch. Mine were in a community tank so the eggs were usually eaten, and any fry that made it to the free swimming stage were picked off pretty quickly once they left the bubble nest.