Place all ingredients, except cheese and bacon, in large bowl. Beat with electric mixer on medium-high speed until potatoes are smooth and creamy.
Spoon mixture into lightly greased 13x9-inch baking dish. Sprinkle with cheese and bacon. If you prefer extra crispy bacon, reserve bacon and sprinkle at the end of cooking. Cover.
Bake in preheated 350°F oven 30 minutes or until heated through.
Start with about 4 pounds uncooked potatoes to yield 5 1/2 cups mashed potatoes. For faster preparation, start with instant or refrigerated prepared mashed potatoes.