In a non-stick skillet, cook Pancetta until crisp. Drain on paper towel lined plate and set aside.
While pasta and pancetta are cooking, use a non-stick skillet and saute the onion in extra-virgin olive oil for 1 1/2 minutes. Add garlic; cook for 30 seconds longer. Add the sweet bell peppers and mushrooms; cook and stir for 3 minutes or until peppers are tender. Stir in the Italian seasoning and cayenne pepper. Add water; cook and stir until mixture comes to a boil. Drain pasta and stir into skillet. Add Pancetta and remove from heat. Stir in the cheese. Garnish with freshly grated Asiago cheese. Serve immediately.