Combine all ingredients except Cheddar cheese and bacon in a large mixing bowl. Beat at medium high speed with an electric mixer until smooth. Spoon into a lightly greased 13"x9" baking pan; top with Cheddar cheese and bacon. Cover and bake at 350 degrees for 30 minutes. Uncover and bake 10 more minutes or until cheese melts.
This is a good, solid recipe, but really nothing more than that. Admittedly I did use nonfat and low fat dairy products, but I don't think using the full fat varieties would add all that much. Although there is some cooking time involved, it's a very easy recipe to throw together and makes a very nice presentation at the table.