Cut kernels from cobs; set aside. Break cobs into thirds, and place in a medium saucepan. Add 3 cups water. Bring to a boil. Reduce to a simmer, and cook for 20 minutes to make a corn stock. Strain, discarding cobs; you should have about 2 cups.
Meanwhile, in a medium saucepan, cook bacon over medium heat until crisp, about 10 minutes. Use a slotted spoon to transfer to a small bowl; set aside. Pour off all but 1 tablespoon of the bacon fat. To the pan, add the onion, and cook until translucent, about 5 minutes.
Add the potato, corn kernels, 2 cups corn stock, milk, thyme, and 1 teaspoon salt. Bring to a simmer, and cook, partially covered, skimming foam as necessary, until potatoes are tender, about 10 minutes. Taste, and adjust for seasoning. Sprinkle with reserved bacon.
It received the husband's approval! He is a huge NE clam chowda fan (so much so he married a New Englander)! So, I was a little nervous because I knew it would not be heavy like clam chowda. The only thing I will change next time is to serve it with BLTs because he almost ate the entire pot because it wasn't very filling(for him). I did add about a tbsp of flour to the onions to make it a little thicker.