Set aside about 1/3 of the asparagus. In a large sauce pan combine the remaining asparagus, potatoes, evaporated milk, the water, salt, and pepper. Bring to boiling, reduce heat. Simmer, covered about 10 minutes or until potatoes are tender, cool slightly. Transfer potato mixture, half at a time, to a blender. Cover and blend or process until smooth.
Meanwhile, in a large skillet cook bacon over medium heat until crisp. Remove bacon and drain on paper towels, reserving 1 TBSP drippings in the skillet. Add the reserved asparagus to the drippings. Cook for 5-6 minutes or until asparagus until crisp-tender, stir occasionally.
Coarsely chop bacon, place on microwave safe pie plate. Drizzle bacon with honey, cover with vented plastic wrap. Before servings microwave on 100% for 30 seconds.
Top soup with cooked asparagus, bacon mixture, and other toppings.
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