The collar came out. It actually doesn't look to be in that bad a shape EXCEPT it's deformed on the ends where I was pounding it out with a socket so now it's got an inside and outside lips. I was expecting this part to be stronger. I can try filing down the lips but of course the collar's a bit shorter too now.
Everything looks like the parts diagram above. The collar is thinner in the middle and has the two grooves close to the ends. The bushings are top hat shaped and are made of some black plastic. The only thing special about them I can see is they have a metal ring around the brim of the "hat".
Except for a few fossilized smears, I don't see any grease in the arm. All the PB Blaster came out rust-colored. I've been trying to take a decent picture but that seems near impossible with my camera's super-intelligent HAL-based focus feature.
The "flare" on the end that you refer to is the part that is not worn: the rest of the collar is worn down, leaving that lip on the ends. Very common.
The bushings are unobtanium from Honda. Aftermarket bronze bushings, like those from Parts-N-More, don't fit or are the wrong ID. The collar that you have was originally 0.844" OD, the bushings. 0.845" ID, 1.045" OD with 2mm thick flanges.
Today, you have to replace the collar with the earlier one from the CB750K/CB500/CB550K pre-1974 models. This collar is 0.8422" OD at the bearing areas. Honda's replacement bushings are made of steel composite, which will cause a steel-on-steel bearing situation, which ALL engineering manuals will tell you is a 100% no-no, as it cannot be lubed. The bushings will eat the new collar in less than 5000 miles. I see many, many swingarms that have suffered this situation (over 15 since January this year, alone). In addition, these bushings are only the shorter unflanged type, so you must buy the end caps (Honda calls these a "bush", also) and the felt grease washers instead. If you decide to use Honda's steel bushings anyway, be dead sure to use synthetic, high-PSI grease.
Your swingarm, with the amount of wear you have on that collar, may be oval in the holes a little bit: see if you can measure (or have someone measure, if you don't have a bore gage) the ID near the outside ends. They are often ovalled by up to 0.0020", which distorts standard bushings when you install them: you might then find that you must hone the new bushings round again after installation, to make everything fit right.
All of this is how I got into this rebuilding thing...