What is the significance of genuflecting on your right knee in the Catholic Faith?

"Genuflection (or genuflexion), bending at least one knee to the ground, was from early times a gesture of deep respect for a superior. In 328 BC, Alexander the Great introduced into his court etiquette some form of genuflection already in use in Persia.] In the Byzantine Empire even senators were required to genuflect to the emperor. In medieval Europe, one demonstrated respect for a king or noble by going down on one knee.
The Latin word genuflectio, from which the English word is derived, originally meant kneeling rather than the rapid dropping to one knee and immediately rising that became customary in Western Europe in the Middle Ages."

"- Genuflecting to a bishop:
From the custom of genuflecting to kings and other nobles arose the custom by which lay people or clergy of lesser rank genuflect to a prelate and kiss his episcopal ring, as a sign of acceptance of the bishop's apostolic authority as representing Christ in the local church.
Genuflecting before the bishop of the diocese to which one belongs was treated as obligatory in editions of the Caeremoniale Episcoporum earlier than that of 1985.

In the same period, the clergy genuflected when passing before the bishop of the diocese when he presides at a liturgical ceremony. But the officiating priest, as also all prelates, canons, etc., were dispensed, and substituted a bow of the head and shoulders for the genuflection.

The present Catholic liturgical books exclude genuflecting to a bishop during the liturgy: "A genuflection, made by bending the right knee to the ground, signifies adoration, and therefore it is reserved for the Most Blessed Sacrament, as well as for the Holy Cross from the solemn adoration during the liturgical celebration on Good Friday until the beginning of the Easter Vigil." But outside of the liturgy some continue to genuflect or kneel to kiss a bishop's ring.

- Genuflection to the Blessed Sacrament:
The practice of genuflecting to the Blessed Sacrament', in particular when arriving or leaving its presence, has grown up only in the Latin Rite Catholic Church, and even there is a relatively modern replacement for the profound bowing down of head and body that is still maintained in the East as the supreme act of liturgical reverence."
Source and further information:
http://en.wikipedia.org/wiki/Genuflection

Further information:
- "Why do Catholics genuflect?":
http://www.answerbag.com/q_view/18948
- "When entering the Catholic church what are you doing when you kneel before mass begins?":
http://www.answerbag.com/q_view/651406