Prepare filling: Bring 2 quarts of water to a boil in a 3-qt saucepan. Gently add peaches; blanch for 15-20 seconds. With slotted utensil, remove from water; cool and peel. Cut peaches in half; discard pits. Cut peaches into thick slices (5 cups).
Put peaches, 1/2 cup sugar, 2 tbs. flour, lemon juice, vanilla and almond extracts, cinnamon and 1/4 teaspoons salt in a large bowl.
Add 1/4 cup water. Mix peach mixture gently with a wooden spoon and transfer to an 8x8x2" baking dish. Dot with 2 tbs. butter. Preheat oven to 375°F.
Prepare Topping: Put 1 cup flour, 1 cup sugar, 1 teaspoons baking powder, 1/4 teaspoons salt, 4 tbs. softened butter and eggs in a small bowl. Beat with a wooden spoon until topping is smooth. Spread topping, with back of wooden spoon, over Peach Filling, trying to space topping evenly.
Place Peach Cobbler on center rack in preheated oven and bake for 50 minutes or until peaches are tender and the crust is a light golden brown. Remove from oven to wire rack and let stand for about 30 minutes to cool slightly.
To serve: Using a large spoon, gently scoop the Peach Filling along with some of the cake topping into individual serving dishes. Top with a scoop of ice cream or pass pitcher oflight cream or half and half to pour over cobbler. Serve immediately. Maks 6 servings.