PREHEAT oven to 350°F. Unroll 1 of the cans of crescent dough. Press onto bottom of greased 13x9-inch baking pan to form crust, firmly pressing seams together to seal.
BEAT cream cheese, vanilla, egg and 1/2 cup of the sugar with electric mixer on medium speed until well blended. Spread onto crust.
UNROLL remaining can of crescent dough onto large sheet of wax paper. Pat out dough to form 13x9-inch rectangle, pressing seams together to seal. Invert over cream cheese mixture to form top crust; discard wax paper.
BAKE 30 to 35 min. or until golden brown. Combine remaining 1/4 cup sugar and cinnamon in small bowl; sprinkle over squares before cutting.