The hot water bath helps insulate the custard from the direct heat of the oven and provides a more gentle environment for even baking.
Cook sugar in an 8-inch round cake pan (with 2-inch sides) over medium heat, shaking pan occasionally, 5 minutes or until sugar melts and turns light golden brown. Remove pan from heat, and let stand 5 minutes. (Sugar will harden.)
Process egg yolks and next 6 ingredients in a blender until smooth. Pour mixture over caramelized sugar in pan. Cover mixture with aluminum foil.
Place cake pan in a broiler pan. Add hot water (150°) to pan to a depth of 2/3 inch.
Bake at 350° for 1 hour or until a knife inserted in center of custard comes out clean. Remove cake pan from water bath; cool completely on a wire rack. Cover and chill at least 3 hours.
Run a knife around edge of pan to loosen; invert onto a serving plate.
Tip: The 8-oz. blocks of 1/3-less-fat cream cheese have marks on the packaging noting 1 oz. measurements. By using these marks, it is easy to measure the 3 oz. of cream cheese that you need for this recipe.
Note: Nutritional analysis is per slice.