Heat sugar in small, heavy-duty saucepan over medium-low heat, stirring constantly, for 6 to 8 minutes or until dissolved and caramel colored. Quickly pour into eight 6-ounce custard cup or ramekins.
Place evaporated milk, sweetened condensed milk, cream cheese, eggs and vanilla extract in blender; cover. Blend until smooth. Pour mixture into prepared cups. Divide cups between two 13 x 9-inch baking pans; fill pans with hot water to 1-inch depths.
Bake for 40 to 45 minutes or until knife inserted in centers comes out clean. Remove cups from hot water to wire rack to cool for 30 minutes. Refrigerate for several hours or overnight.
Run small metal spatula or knife around edges of cups; gently shake flans to loosen. Invert onto serving dishes.