PLACE potatoes in large saucepan. Cover with water; bring to a boil. Cook over medium-high heat for 15 to 20 minutes or until potatoes are tender; drain.
RETURN potatoes to saucepan. Beat with hand-held mixer for a few seconds to break up. Add evaporated milk and butter; beat until milk and butter are mixed in (some lumps will still be present). Add additional evaporated milk, if a smoother consistency is desired. Stir in cheese. Season with salt and pepper to taste.