In a large saucepan, bring water, butter, salt and pepper to a boil. Add flour and cheese; stir until a smooth ball forms. Remove from the heat; let stand for 5 minutes. Add eggs, one at a time, beating well after each addition. Continue beating until mixture is smooth and shiny.
Spread dough over the bottom of a greased 10-in. quiche pan or pie plate, forming a shell by pushing dough from center toward the edges. Bake, uncovered, at 375 degrees F for 30 minutes or until puffed around the edges and golden brown.
Meanwhile, prepare hollandaise sauce according to package directions. Add 1/2 in. of water to a large skillet; add asparagus and bring to a boil. Reduce heat; cover and simmer until crisp-tender, about 4 minutes. Drain and keep warm.
Arrange ham and asparagus in center of puff. Drizzle with hollandaise sauce. Serve immediately.