Mix cream cheese, sugar and 1/2 tsp. cinnamon until blended; spread onto 2 bread slices. Cover with remaining bread slices to make 2 sandwiches.
Whisk eggs, milk, vanilla and remaining cinnamon in pie plate until blended.
Dip sandwiches, 1 at a time, into egg mixture, turning to evenly moisten both sides of each sandwich. Cook in large nonstick skillet sprayed with cooking spray on medium heat 2 to 3 min. on each side or until golden brown on both sides.