Place asparagus in a large saucepan with enough water to cover; cook until crisp-tender. Drain well; set aside. In a 2-qt. saucepan, melt butter over low heat. Blend in flour to form a smooth paste. Add V8 juice all at once. Cook and stir until mixture is thickened and bubbly. Add cheese, salt and cayenne, stirring until cheese is melted. Remove from heat.
Beat egg yolks in a medium bowl; gradually stir in half of the hot cheese mixture. Return all to the saucepan. Stir in bread crumbs. Beat reserved egg whites until stiff peaks form. Fold into cheese mixture. Fold in asparagus.
Pour into an ungreased 1-1/2-qt. casserole. Bake, uncovered, at 325° for 40-45 minutes or until knife inserted halfway between center and edge comes out clean.