Grease 13x9-inch (3-quart) baking dish. Arrange enough bread slices to cover bottom of greased dish. Spread tops of bread slices in dish with cream cheese. Arrange remaining bread slices over top.
In large bowl, combine eggnog, butter and eggs; beat with wire whisk until well blended. Pour evenly over bread slices. With back of spoon, gently press bread into dish. Sprinkle with nutmeg. Cover with plastic wrap; refrigerate 8 hours or overnight.
Heat oven to 325°F. Uncover dish. Bake 30 to 35 minutes or until center is set and edges are light golden brown. Let stand 10 minutes before serving.
Meanwhile, in small saucepan, combine all syrup ingredients; mix well. Cook and stir with wire whisk over medium-low heat until cranberry sauce and sugar have melted.
To serve, cut strata into squares; serve with cranberry syrup.