There are two other reasons to use this technique. First, it frees you from the sauté pan. The majority of the cooking happens through the boiling of the water, so you can focus your attention elsewhere. There will be an audible announcement to let you know you need to start watching. The final reason is even cooking. This is most true for thick cut bacon, but even for your Oscar Meyer thin cut you will see a difference. The water cooking allows for a full cooking without browning, so no burnt outside and chewy inside. Here are the steps:
First Place your bacon in a sauté pan.
Next, fill the pan with water till bacon is covered.
Place the pan on the burner, crank up to high, and let it boil.
When the water is just about boiled off, it will begin to snap and hiss at you. Reduce to medium, and cook till the bacon is brown and crispy. This shouldn't be more than a minute or two.
End result: perfectly crispy, super tasty, and light not greasy bacon. Give it a shot and let me know how it turns out for you!