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1. Place asparagus spears in a single layer in a shallow baking pan. Pour enough boiling water over asparagus to cover. Let stand for 10 to 12 minutes or until bright colored and crisp-tender. Drain. Finely chop three of the asparagus spears; set aside.
2. In a small bowl use a fork to mash avocado; stir in lime juice. Stir in chopped asparagus; set aside.
3. For omelet, in a small bowl whisk together eggs, the water, salt, and pepper until combined but not frothy. Heat an 8-inch nonstick skillet with flared sides over medium-high heat until skillet is hot. Melt 1 tablespoon of the butter in skillet. Add half of the egg mixture; reduce heat to medium. Immediately begin stirring eggs gently but continuously with a wooden or plastic spatula until mixture resembles small pieces of cooked egg surrounded by liquid egg. Stop stirring. Cook for 30 to 60 seconds or until egg is set. Remove from heat. Using a spatula, lift and fold an edge of omelet to opposite edge. Transfer to a warm plate. Cover with foil and keep warm. Repeat with the remaining 1 tablespoon butter and the remaining egg mixture to make a second omelet.
4. Toast bread. Spread avocado-asparagus mixture on 2 of the slices. Top with bacon, asparagus spears, omelets, and the remaining 2 slices. Cut sandwiches in half to make 4 servings.