There are two ways of preparing this meal, depending on whether you can find the really, really big sea scallops. I'm talking about the ones that are half the size of your fist. If you can find those, wrap the pancetta or bacon around them, secure with skewers, and broil. If you are in the kind of seafood-challanged area where I live, the best you can do are sea scallops an inch or two in diameter. They're good, too, but wrapping them individually makes them look more like hor's d'ouvres than a main course. Use the pan-broiled method for those. In either case, the glaze is the same. I adapted this recipe from one I sampled at the Epcot International Food and Wine Festival this year (1997). The original is from John State of the Flying Fish Cafe, and John uses the big scallops mentioned above.

1 lb. fresh sea scallops, the bigger the better. Don't use bay scallops! 2 slices of pancetta or bacon (or enough to wrap each if using large enough scallops) 1 shallot, minced 6 tablespoons butter, separated ½ cup heavy cream 2 cups port wine

If you're going to oven-broil the scallops, wrap them with the bacon or pancetta and secure with skewers or toothpicks.
If you are pan-broiling the scallops, fry the bacon or pancetta strips ahead of time.
Make them quite crisp and drain thoroughly. Then mince as fine as you possibly can.
Set aside until later.

Melt two tablespoons of the butter in a heavy, 2-quart pan. Add the minced shallot and allow to carmelize.
Add the cream and let it reduce down to about a tablespoon.
Now add the port wine and let the mixture reduce by about two thirds.
Strain to remove the shallot bits and return to the pan, keeping it just warm enough not to solidify.

If you're lucky enough to have the large scallops to work with, broil as described above. For the rest of us, melt two tablespoons of the butter in a heavy skillet and add the scallops.
Pan-broil the scallops, continually draining the liquid, until they begin to carmelize.

At that point, add the remaining two tablespoons of butter and the minced bacon and give it all a stir.

Pour the glaze over the scallops just before serving.

Serve over rice.  

This recipe serves 2 to 4 people