Cut kernels from ears of corn and set aside.
In a large pot, over medium heat, melt butter. Add bacon and onion, stirring frequently until onion is softened and begins to brown.
Add flour and garlic, and whisk 1-2 minutes. While whisking, slowly pour in water. Bring to a boil, whisking frequently.
Add potatoes, corn, thyme, bay leaf, salt and pepper. Bring to a light boil, then reduce heat to medium-low. Simmer, stirring occasionally, until potatoes are tender, about 20 minutes.
Remove 31/2 cups of soup and pour into blender. Puree and return to pot. Stir in half and half and honey.
Serve topped with chives and cheese.