“Be kindly affectioned one to another with brotherly love; in honour preferring one another”
“Honour” is from the Greek “Time”, meaning deference and reverence (Thayer’s).
“Preferring” comes from the Greek, “Proegeomai”. It literally means, “to go before and lead” (Vines).
“in honour preferring one another” is taking the lead in humbly, respectfully submitting our self to others. Christianity never puts people down, but rather always strives to uplift and edify the other person. As Christ lead by example and gave himself for us, we are to do in similar fashion and give of our self to others.
The epitome of sin is selfishness. Likewise, the glory of God is made manifest when he honors and prefers another.
“Greater love hath no man than this, that a man lay down his life for his friends” (John 15:13).