In medium nonstick saucepan, combine cauliflower and 1/4 cup water. Bring to a boil. Reduce heat; cover and simmer 5 to 6 minutes or until cauliflower is crisp-tender. Drain; spoon cauliflower into ungreased 1-quart ovenproof casserole. Set aside.
Heat oil in same saucepan over medium heat until hot. With wire whisk, stir in flour; cook and stir 1 minute. Add milk, 1/3 cup water and bouillon; blend well. Cook 3 minutes or until sauce boils and thickens, stirring constantly. Stir in cheese; cook and stir until cheese is melted. Pour sauce over cauliflower. Sprinkle with bread crumbs and paprika.
Broil 4 to 6 inches from heat for 2 minutes or until bread crumbs are golden brown.