In a medium saucepan combine apple juice, raisins, nutmeg, and cinnamon. Bring to boiling; reduce heat. Simmer, uncovered, about 10 minutes or until raisins are plump and tender and apple juice is reduced by half. Set aside.
For apple compote, in a large skillet melt butter over medium heat. Add apple wedges; cook and stir about 5 minutes or until tender but not mushy. Stir in raisin mixture, brown sugar, and honey. Cook and stir for 3 to 5 minutes more or until apples are glazed and syrup thickens slightly. Remove from heat; cool slightly.
Spread cream cheese onto the cut sides of the toasted bagels. Spoon warm apple compote over bagel halves. If desired, sprinkle with walnuts.