I actually think most men would answer this way - try to save them both or save the wife first.
But I think most women would answer that they would save the child first.
I'll have to ask DH tomorrow, but, knowing him, he will probably say,
"You spend WAY too much time on the DISboards. I'm not going to answer a hypothetical question that's never going to happen."
I once asked DH what he would do if I were pregnant & the doctor told him it was either me or the baby. He told me he'd save me.
Back to the cliff-hanger - For me, I think I would save my child first - knowing that my DH could probably hang on longer than my child.
Just like, if our house is burning down, I'm going to concentrate on getting our children out, assuming that my DH can get himself out. (He'd actually be helping me get the kids out, but that's neither here nor there.)
Like others have said, as a mom, my job is to protect my child. I'm going for the child.
The real quandry would be - if all 3 of my children were hanging off a cliff, which would I save first?