Heat oven to 400°F. Line large cookie sheet with parchment paper.
In 2-quart saucepan, heat 1 cup water, the butter and 1/4 teaspoon salt to boiling over medium-high heat. With wooden spoon, stir in flour. Reduce heat to low; beat vigorously about 1 minute or until mixture forms a ball. Remove from heat. Beat in 1 egg at a time, beating vigorously after each addition until mixture is smooth and glossy. Drop dough by 1/4 cupfuls, 3 inches apart on cookie sheet, forming 12 mounds.
Bake 30 to 40 minutes or until puffed and golden brown. Remove from pan to cooling rack; prick side of each puff with tip of sharp knife to release steam. Cool completely, about 20 minutes.
Meanwhile, in medium bowl, beat cream cheese and preserves with electric mixer on medium speed until smooth. Fold in whipped topping until combined; refrigerate.
Just before serving, cut each puff in half horizontally. Spoon about 1/3 cup cream cheese mixture into bottom half of each puff. Place tops over filling. Sprinkle with powdered sugar. Serve immediately. Store in refrigerator.