Place potatoes and water in a 2-quart microwaveable dish. Microwave, uncovered, on high for 10 minutes or until potatoes are tender. Let stand 5 minutes. Meanwhile, cook bacon in large nonstick skillet on medium heat 8-10 minutes or until crisp. Drain on paper towels.
Drain potatoes and press each potato with bottom of small bowl or saucer to flatten to 1/2-inch thickness.
Heat salad dressing in skillet on medium heat. Add potatoes; cook 4 minutes or until bottoms are golden brown. Meanwhile, crumble bacon. Turn potatoes over; sprinkle evenly with cheese and bacon. Cover skillet with lid. Cook an additional 2 minutes or until cheese is melted. Serve 2 potatoes per person. Top with a small dollop of sour cream, if desired.