Spray 12x8-inch (2-quart) glass baking dish with nonstick cooking spray. Arrange slices of bread in sprayed baking dish, completely covering bottom of dish.
In medium bowl, combine eggs, half-and-half, sugar and nutmeg; beat well. Pour over bread in baking dish. Cover tightly; refrigerate at least 8 hours or overnight.
When ready to bake, heat oven to 375°F. Uncover; bake 20 to 25 minutes or until golden brown and slightly puffed.
Meanwhile, melt butter in medium skillet over medium-high heat. Add pears; cook 2 minutes or until pears are tender, stirring occasionally. In small bowl, combine water and cornstarch; blend well. Add honey and cornstarch mixture to pears in skillet; cook 2 minutes or until bubbly. Serve over French toast.