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1. Reserve about one-third of the asparagus. Combine remaining asparagus, the potatoes, evaporated milk, salt, pepper, and the water in a saucepan. Bring to boiling; reduce heat. Simmer, covered, for 10 minutes or until potatoes are tender. Cool slightly. In a blender or food processor, blend or process soup, half at a time, until smooth.
2. Meanwhile, in a skillet cook bacon until crisp. Drain on paper towels; set aside. Reserve 1 tablespoon bacon drippings in skillet. Add reserved asparagus spears to the drippings in skillet. Cook for 5 to 6 minutes or until asparagus is crisp-tender, stirring occasionally.
3. Coarsely chop bacon and place in a microwave-safe pie plate. Drizzle bacon with honey; cover with vented plastic wrap. Just before serving, microcook on 100 percent power (high) for 30 seconds.
4. To serve, ladle soup into bowls and top with asparagus, bacon mixture, and, if desired, toppings.