bushido was similar to the code of honor european knight's lived by. basically as i understand it, it was the idea that the greatest think you can do is to give your life over completly to the service of a higher purpose/person. to me it works out like a awsome brainwashing scheme, where by a fat rich guy can stay safe because he has people willing to die to protect him. or it can be a beatiful way to live out a human life, as a picture of honor and respect.
budo, is a newer version of an ethical/moral code to fit todays world. the hagakure describes it as being about the resolute acceptance of death. that since you will die, it is better to live for the zen like moment of now.
im not sure how they can be applied to life today, i'm working it out as i go, i guess. but all the dramatics aside, its a moral code designed to guide behaviour, how usefull it is i don't know, ultimately the samurai were supposed to be "usefull men", in other words good at killing other people on a battle feild.
its not supposed to make sense