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1. Cut a 3-inch pocket about 2 inches deep in the top-crust side of each bread slice, cutting to but not all the way through to the other side. For filling, in a medium bowl beat cream cheese with an electric mixer on medium to high speed for 30 seconds. Add 2 tablespoons sugar and the 1/2 teaspoon vanilla. Beat until smooth. Divide cream cheese mixture evenly among bread slices, spooning it into the pocket of each bread slice. Place bread slices in a 2-quart rectangular baking dish; set aside.
2. In a medium bowl whisk together eggs, milk, honey or sugar, and the 1 teaspoon vanilla. Slowly pour the egg mixture over bread slices. Using the back of a wide spatula, press bread down lightly to soak with egg mixture. Cover and chill for at least 2 hours or up to 24 hours, turning bread slices over once or twice during chilling time.
3. Heat a lightly greased griddle over medium heat. Cook bread slices on hot griddle for 4 to 6 minutes or until golden brown, turning once halfway through cooking time. Serve with syrup or Salted Caramel Sauce.