In this historical poem, we see the downfall of England and the Anglo-Saxon kings who reign there in the hands of Viking marauders. The poetic tone is tragic as the battle is lost, but also the poetry stands in celebration of the true honor that the English lords merited on the battleground in defense of the beautiful country. This places the battle in a similar category to the Alamo in Texas which stood as a symbol for the nation's valiant heroism and willingness to fight to the death.
That willingness to fight for what's right to the point of injury and death is what defines poetry and its definition of honor. As the poet glorifies the warriors for their willing sacrifice, he also draws observations about the honor in other regards. When the Vikings ask for tribute, attempting a kind of forced annexation, honor is defined as freedom from that kind of tyranny. Better to be dead, these warriors agree, than to pay money to a foreign kingdom for the right to stay where their families have existed for generations.
The obligation to the family is also involved in this portrait of honor but in a counterintuitive way. Certainly, it was better for Godric's family that he steal Byrhtnoth's horse and flee from certain death, but the poetry depicts him as a coward and traitor for preferring his daily life to the glory that comes from fighting evil to death. The cowardice is a mark against him, even though it is a reasonable response to a lost battle. In this, we see honor as a complete willingness to die instead of being averse to death.
