Preheat oven. Drain juice off peaches into a measuring cup. Pour one cup into a mixing bowl and reserve the remainder.
Measure remaining peach-liquid and add water to equal 1 cup. Pour into saucepan. Stir in 1/2 C honey or sugar and bring to a boil. Stir well and set aside.
Add remaining ingredients (except peaches) to the liquid in the mixing bowl and beat well. Pour into a buttered 8×11 baking pan. Arrange peaches on top of batter, then pour honey-water over top of peaches. Bake 375* for 45 minutes.