Cook bacon in heavy large skillet over medium heat until crisp. Using slotted spoon, transfer bacon to paper towels to drain. Pour off all but 1 1/2 teaspoons fat from skillet. Add sage; sauté 1 minute. Add corn; sauté 1 minute. Add 5 1/2 cups water; increase heat to medium-high and bring to boil. Gradually whisk in polenta. Reduce heat to low; cook until polenta begins to thicken, stirring frequently, about 20 minutes. Stir in cream, cheese, and bacon. Season with salt and pepper. Serve immediately.
Available at Italian markets, natural foods stores, and some supermarkets. If unavailable, substitute an equal amount of regular yellow cornmeal, and cook mixture for about half the amount of time.
