Preheat oven to 300F. In cast iron pan, heat honey over high heat. Add cinnamon and boil five minutes. Add peaches. Return to boil.
Reduce heat and simmer until peaches are soft, app. 15 minutes. Meanwhile, prepare batter.

Add cake mix to large bowl and create well in center. Add eggs, oil and water to well and with an electric beater  on high beat until smooth and throughly incorporated.

Spray large tube pan generously with cooking spray. Pour two inches of batter across bottom of pan. Using slotted spoon, add layer of peaches atop batter. Pour 1½ inch layer of batter over peaches to cover thoroughly. Add layer of peaches. Finish with thin layer of batter to cover.
Stop a half-inch from top of pan.

Reserve remaining peaches and sauce. Set aside. Leftover cake batter may be used to make a small loaf cake or discarded.

Place cake pan atop baking sheet and bake until set and light golden, app. 90 minutes - two hours. 

Cool cake completely, app. two hours or overnight. Invert onto cake plate. Using a slotted spoon, arrange reserved peaches along circumference of cake.
Carefully spoon honey syrup over cake until saturated. Dust top of cake with powdered sugar.

Serve.