Hitch mount racks are I think a little more friendly to mount bikes too than trunk mount racks. They generally keep the bikes further away from the car, fewer mounting problems, flexibility for other uses to name a few advantages. Disadvantages are cost, weight, initial installation is more involved and decreased clearance. Typically it is the cost and clearance that will steer people away. You can usually get a hitch mounted fairly inexpensively at U-Haul or similar places. Dealers will even do it but they may charge more. U-Haul use to charge $25, not sure what it is now.
On your accord, the decreased ground clearance may very well be an issue. It certainly is on our Sienna as I can no longer back into our driveway.
With a hitch rack you will have decide between a 2" and a 1.25" receiver. The 1.25" receivers look like they don't sit as low as the 2". 1.25" will probably fit all your needs. If not you can get the 2" or get a 1.25" -> 2" adapter.
If you just want to occasionally carry 1 or 2 bikes and have no other use for a hitch, the trunk rack would be okay. If you use the rack more frequently or need to carry more bikes, you might find the hitch rack to be more convenient. Additionally, if you want to be able to hook a platform into the hitch or tow something small (your car can't tow alot of weight), the hitch would hands down be the way to go. The hitch will never look like it belongs on the Accord, but it will get the job done.