The Gospel reading for this Sunday is from Matthew 16:13-20, the story of Simon Peter's confession at Caesarea Phillipi. When Jesus asks His disciples who they think He is, Peter boldly confesses that Jesus is "the Christ, the Son of the living God." Our Lord praises Peter's divinely inspired and faithful response, and He looks to the establishment and continuation of the Christian Church.
Peter's confession of faith is important, and despite his misunderstandings and failings, Peter is a great leader and example. However, Peter is NOT infallible, and he is not alone in his witness. The other apostles and disciples will eventually make the same profession of faith, and the whole community of the faithful will share in Peter's ministry. In other words, this Scripture and others do not portray Peter as some infallible proto-pope (in fact, Christ's calls Peter "satan" within a few verses). Neither Peter nor the others really understand the meaning of his confession until later, after the crucifixion and resurrection.
So as Christians, we honor Peter, but we must not over-emphasize the importance of the man Peter. Instead, we must emphasize the faith he professes and the deeper meaning that his profession acquires through Christ's suffering, death and resurrection. Jesus is the Christ, the only-begotten Son of the Father, who dies and rises to save us!