"Me respekt" (With respect) is the most commonly used variation.
"Me nderime" (With honorings) is more formal, it can be used to express a greater respekt, more veneration or a higher social status of the receiver; but it can also be interchanged with "Me respekt", or it can be used to choose a genuinely Albanian word.
"Me nderime" is in my opinion the older variation, whereas "Me respekt" seems to be a relatively new development; it is not contained in the first textbook I learned Albanian with.