Stir in broth, milk, half-and-half & potatoes; bring to a simmer. Cover & cook 30 minutes or until potatoes are tender, stirring occasionally.
Transfer 2 cups potato mixture to a blender. Remove center piece of blender lid to allow steam to escape. Place lid on blender and cover with paper towel to avoid splatters. Blend until smooth.
Return pureed mixture to pan. Stir in salt & pepper.
Sprinkle with crumbled bacon. Serve with thyme sprigs if desired.