Sounds impossible, doesn't it? I found this amazing recipe in Cooking Light Magazine a few years ago and have been making it ever since. This is great for entertaining at brunch, as all of the work is done the night before.
Trim crusts from bread. Arrange half of the bread in a 13x9 inch baking dish coated with cooking spray.
Combine milk, 1-1/2 cups egg substitute, half & half, and ½ cup sugar in a large bowl, stirring with a whisk. Pour half of milk mixture over bread in dish.
Combine ½ cup egg substitute, ½ cup sugar, vanilla, nutmeg and cheeses in a food processor or blender, process until smooth. Pour cream cheese mixture over moist bread in dish. Top with remaining bread, pour remaining milk mixture over bread. Cover and refrigerate 8 hours or overnight.
Preheat oven to 350 degrees.
Uncover and bake at 350 for 55 minutes. Let stand 10 minutes before serving. Sprinkle with cinnamon sugar if desired.