This is one of the most miunderstood utterances from the Prophet Brigham Young. Basically, Adam is a 'father' to us all, and in that right we pay him homage as the senior person in our ancentry. So that there are no misunderstandings, I would say that the homage we pay is similar to the respect you give your father, or grandfather, etc. Adam has achieved greatness by overcoming the fall and resting in the next life that we look forward to. Adam still does a lot of work behind the scenes and even visited Christ while he suffered in the Garden of Gethsemane. This is interesting because the father who started the human race, visits the Father who buys us with His blood. In the realm of sealings we all will trace our line to Adam. I could go on and on, but basically Adam is to be respected not worshipped as anti mormons would have others believe.
If you search well using the same words in Google you will find the full speech and comments by LDS scholars and if you look for parts of the speech you will get a lot of anti-mormon referrences because they base their sayings on 'parts' rather than the whole.
The Adam-God Theory was in fact taught by Brigham Young for about 25 years. The late Apostle Bruce R. McConkie verified this in a response he wrote many years ago. It is not scriptural, was vehemently opposed by Orson Pratt and many others, and in 1976 it was denounced by Spencer W.Kimball as false doctrine in a Genral Conference.
It is pointless to deny it was taught, because the verification is there for anyone to read.
I have not been here for a while but let me show you some things to consider regarding the Adam God ideas:
Brigham Young did not teach that Adam was the biological father of Jesus Christ, in the Journal of Discourses he is clear that God (Elohim) is the father of Jesus.
He did say that Adam is our Lord and our God. But he later goes on to explain that Joseph Smith is a god to us, etc and fathers would be gods to their children. It is a doctrine that actually appears in the Old Testament and even the New Testament, Moses was made a god to Pharoah (ex. 7:1) I believe the Joseph Smith translation makes it plainer to our understanding in that it is understood that Moses was made a prophet. IN the old days a prophet was looked upon as gods representative and therefore "as god".
Further, when Christ is refered to as "Son of Adam" or if Adam is ever refered to as the Father of Christ it is a genealogical referece much like refering to Christ as the Son of David.
Further reference and clarification to this is found in Joseph Fielding Smith's Doctrines of Salvation Vol 1 page 96.