Churches only take up building space in your village and provides for the happines multiplyer. Entertainment buildings also provide but you will have to do some planning as the amount of honour they provide depends on distance from the Keep in your village.
Banquets provides honour directly while religious buildings adds to the happiness multiplyer. So, if the happiness is say 50 in your village, and the happiness multiplyer is also 50, you earn 2500 Honour a day. If you have 2 of each of the first 4 banquetting goods buildings you can easily gain another 2500 honour a day by holding banquets. If you have the time for it you can make sure to get villages that support the remainder of banquetting goods thereby earning even more instant honour each day by moving banquetting goods to a central village for maximizing the effect of holding banquets.
I would say maxing out on banquets give the most honour a day but it also require more time online. If you have very little time for playing online then using buildings adding to the happines multiplyer is the way to go, it's less as it depends on the happiness in each village.
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