PREHEAT oven to 350°F. Place sugar in small heavy saucepan, cook on medium heat until sugar melts and turns deep golden brown, stirring constantly. Remove from heat. Immediately pour into 9-inch round cake pan, tilting pan to distribute syrup evenly on bottom of pan. Set aside.
PLACE milk, egg beaters, vanilla and cream cheese in blender; cover. Blend just until smooth; pour into prepared cake pan. Place cake pan in large baking pan; add enough hot water to pan to come halfway up side of cake pan.
BAKE 50 minutes to 1 hour or until knife inserted near center comes out clean. Cool. Carefully remove cake pan from water. Cool on wire rack.
REFRIGERATE several hours or overnight. When ready to serve, invert pan onto serving plate to unmold flan.