1. Heat oven to 350°F. Line 2-1/2-inch muffin cups with paper bake cups; place vanilla wafer on bottom of each cup.
2. Beat cream cheese and sugar in large bowl on low speed of mixer until smooth. Beat in eggs and vanilla just until blended. Do not overbeat. Gently stir 1 cup toffee bits into batter; pour into prepared cups to 1/4 inch from top.
3. Bake 20 to 25 minutes or until almost set. Remove from oven; immediately sprinkle about 1/2 teaspoon bits onto each cup. Cool completely in pan on wire rack. Remove from pan. Cover; refrigerate about 3 hours. Store leftover cups in refrigerator. 16 to 18 cups.