In a small bowl, combine lime juice, honey, olive oil, and salt (to taste).
Make the salad:
When cutting basil chiffonade style, which is very pretty, stack a few basil leaves and roll into a tight cylinder; with a sharp knife, slice crosswise into thin ribbons.
In a large bowl, combine the cubes of watermelon, basil, and feta squares. Add salt and pepper and gently toss (don’t break apart the watermelon).
Pour the mixture onto a serving plate. Drizzle with the dressing, and scatter with a garnish of cheese and basil on top. Serve!