Pan fried (in it's own fat, of course) to crispy goodness. Ideally, it is eaten in a heavily air conditioned environment which cools and crisps the exterior while leaving the interior warm and succulent.
However they do it at Peter Luger is the epitome of bacon-ness. The Platonic Form of bacon.
Preferably thick cut, pretty lean, peppered, apple wood smoked, and somewhere between chewy and crunchy. Chewy as in meaty though, not chewy-fatty...
I think battered and deep fried should be on the list.