Cook bacon until crisp; drain and crumble. Set bacon aside. In a medium saucepan combine water and cornmeal; bring to boiling. Reduce heat; cook and stir until very thick, about 1 minute. Remove from heat. Stir in cheese, corn, margarine, onion powder, and garlic powder. Stir until cheese melts and mixture is smooth. Stir in milk.
In a small mixing bowl beat egg yolks and baking powder until well blended. Stir into cornmeal mixture along with bacon.
In a medium mixing bowl beat egg whites until stiff peaks form. Fold beaten egg whites into cornmeal mixture. Pour into a lightly greased 1-1/2-quart casserole. Bake in a 325 degree F oven for 50 to 60 minutes or until a knife inserted near the center comes out clean. Serve immediately. Makes 6 servings.