Grease 9 x 13 baking pan; Cut bread into approx 3/4" slices.
Slice peaches to about 1/2" slices or use peaches from the can, though the fresh add a bit of the peach tanginess to the recipe.
Lay single layer of bread in pan; add single layer of peaches; add second layer of bread and second layer of peaches.
Combine eggs, half-and-half and milk in separate mixing bowl. Pour onto peaches and bread, being sure to soak all the bread. Add nutmeg and cinnamon (this can be made the night before - cover and let stand in refrigerator; remove the next morning and let warm to room temp about 15 minutes).
Drizzle honey on top of peaches. Bake in oven at 350 deg F for 50 minutes; remove, let cool 5 minutes; slice and place on warm serving plate. Serve immediately.