Interesting thread. Never really thought about it, but now that you ask, then I feel for Hobbits honour matters less. I think they value life above doing what's right (not to say that they're bad people; just saying that they are not often riddled with a choice between life or honour). They prefer food and cheer above all else, but, as Gandalf says, they're hardy folk too.
So in my opinion it's rather two-sided, though I'm leaning towards life.
I'll get to Gondorians and Eorlings later. I think I need to think a little on that
Though if I had to make a quick (and rather impetuous) remark, I'd say honour for both.