Preheat the oven to 325 degrees F (165 degrees C). Grease and flour a 9-inch Bundt pan or 2 loaf pans.
In a large bowl, stir together the sugar and oil. Beat in the eggs until light, then stir in the honey and vanilla. Combine the flour, baking powder, baking soda, salt, cinnamon and allspice; stir into the batter just until moistened. Fold in the apples and nuts. Transfer batter to prepared pan or pans (see Cook's Note).
Bake Bundt cake until a toothpick inserted into the crown comes out clean, about one hour. (Start checking for doneness after 50 minutes.) Let cool for 10 to 15 minutes before inverting onto a plate and tapping out of the pan. If desired, dust with confectioners' sugar, sprinkle with cinnamon, or drizzle with warm honey before serving.