Combine cream cheese, 1/3 cup sugar, 1 tablespoon flour and 1/2 teaspoon nutmeat, beating until smooth. Add 1 egg and beat again. Set mixture aside.
Cream 1/2 cup butter, gradually adding 1 1/2 cups sugar. Beat well. Add 2 eggs, one at a time, beating well after adding each. Combine soda and hot water and add to creamed mixture, stirring until well blended.
In a separate mixing bowl, combine 3 cups flour, baking powder, salt, 1/2 teaspoon nutmeg and 1 teaspoon cinnamon. Add flour mixture to butter mixture alternately with orange juice. Stir in vanilla, bananas and pecans. Spoon 1 1/2 cups of the banana batter into lightly greased 10 inch tube pan. Spread cream cheese mixture evenly over batter. Spoon remaining banana batter over cream cheese. Bake at 350 degrees for 50 - 55 minutes or until a wooden pick inserted in center comes out clean. Cool 15 minutes before removing to a rack to finish cooling.
Brush with melted butter and sprinkle with 1 tablespoon sugar combined with 1/4 teaspoon cinnamon.
Garnish with whole pecans or walnuts to finish.