That's right, pour just enough water over the bacon to barely cover the meat. According to America's Test Kitchen, you start by pouring the water over the bacon and cooking at high heat. Once the water boils, lower the temperature to medium. When the water is simmered away, turn the heat down to medium-low and continue cooking until the bacon is crisp and well-browned.
This method, admittedly does take longer to prepare than regular pan-cooking, and is hard to replicate for large batches. If you're someone who saves bacon fat for cooking later, you may be disappointed as you won't be left with much. That being said, this is still a fantastic way to improve the quality of your bacon without all the timing and guesswork of normal pan-cooking.
Speaking of bacon, no conversation is good without the mention of this guy.