This is a great question. To understand honor in the Homeric world, you have to know something about the cultural code of ethics. In other words, you should know something of what this culture prized and what this culture thought was shameful. In short, you want to understand their moral sensibilities.
In light of this, the virtue that they prized more than anything else was courage. To fight well was the greatest honor. This is why Achilles was so honored. We can also see this in Hector's conversation with Andromache. She bids him not to fight Achilles, but his honor does not allow for it. He must fight, even if means his death. Why? Courage was esteemed.
So, in the fall of Troy, we see honor in that people fought valiantly. Even if you win or lose, one thing you could always show was courage.