Preheat the oven to 375 degrees F. Butter the bottom and sides of a 3-quart baking dish, and sprinkle the breadcrumbs evenly to coat the bottom and side of the dish.
Cut the corn off the cob in a large bowl then scrape the cob across the bowl a second time to release all the corn milk, and then set aside.
Heat olive oil in a large skillet over medium-high heat, add corn, 1 1/2 teaspoons salt and cayenne. Saute for 2 to 3 minutes. Add bacon and saute until crisp. Add onions and bell peppers, cook until barely tender, then remove from heat.
In a medium bowl, whisk together the cream, milk, eggs, Parmesan, cornmeal, sugar, pepper and nutmeg until frothy. Add the corn mixture and stir to combine. Pour into the prepared baking dish and bake 35 to 40 minutes, until firm. Serve hot from the oven.
Recipe courtesy of Michael Murray, owner LA Pines in New Orleans, LA