This is the day where we, in the United States, recall the memory of those who have served our country in the armed services, especially those who have died in the service of the country. It really is more than that, though, at least back home. My grandfather's grave, for instance, is covered in flowers this day, despite his never having served in the Armed Forces.
The phenomenon is a good one, I think. I don't mean to lessen the honor due those who have laid down their life in defense of the country. Those who did not serve in the armed forces did, in their own way, serve the country. My grandfather both volunteered and was drafted, and was turned away both times. His service, therefore, was as a mechanic, a father and a husband.
I don't know that the extending of this honor is universal, or if it is simply a local phenomenon, but it is essentially a secular "All Souls Day" with a special focus on those who gave their lives in the service of the country.
I find myself away from those who I would normally remember today, but the beauty of prayer is that it transcends space and time.