350 degrees; Grease 9 x 13" pan. With hand mixer, combine flour, baking powder, salt, sugar and cornstarch. Add vanilla, eggs, milk and melted butter. Mix well until combined and spread batter evenly in baking dish.
Drain peaches and reserve 6 T. juice. Set aside. Slice peaches into bite size pieces and scatter evenly over top of batter. In same bowl, combine cream cheese, sugar and reserved peach juice until light and creamy. Dollop cream cheese mixture over peaches and batter. Then use rubber spatula to spread as evenly as possible over all. Sprinkle top with cinnamon and sugar. Bake 50 - 60 minutes until the edges are puffed and golden and the cream cheese layer is bubbled slightly. If the middle jiggles, bake until it no longer jiggles.
Vanilla Sauce: 1/2 c. butter, 3/4 c. sugar, 1/2 c. evaporated milk, 1 tsp. vanilla. Melt butter in pan; add sugar and milk and bring to a boil. Cook and stir 2 - 3 minutes until slightly thickened (it will thicken more as it cools). Remove from heat and stir in vanilla and spoon over peaches and cream cake. ENJOY!