In a small bowl, mix together softened cream cheese, 3/4 cup each of the cheddar and jack cheeses, jalapeno, salt & pepper. Spread mixture over rolls, dividing it evenly. Sprinkle remaining shredded cheese on top of bread.
Place bread on baking sheet and bake until bread is lightly toasted and cheese is starting to brown (about 10 minutes). Remove from oven, sprinkle with crumbled bacon and cilantro. Serve immediately.