I recently read a post on one of the food blogs I follow, comparing caramelized onions to bacon. Specifically, "caramelized onions are the bacon of the vegetarian world." If you'd like to read her entire post, here's the link: teaandcookies.blogspot.com/2009/03/bacon-of-vegetarian-world.html.
I've been using caramelized onions for years but they've been especially helpful this last year or so, as I've tried to cut saturated fat. The beauty of caramelized onions is that while they add a real punch of flavor and depth to your food, they add very little else. They are low in calories and fat and require no salt. They make a great topping for baked sweet potatoes (much lighter and more satisfying than sour cream or butter!), grilled or roasted meats, and provide a flavorful base for many vegetarian dishes.
The method is simple, but you must have patience. It might take twenty to thirty minutes to properly caramelize onions. I like to use two nice sized onions when I do this, as my family loves caramelized onions and there never seems to be enough otherwise. Cut the onions into thin strips, lengthwise. Warm a pan (not non-stick) over medium heat. When it is warm, add a thin film of olive oil to the bottom of the pan. Add the onions and let them cook over medium heat, stirring occasionally. They will get translucent and then begin to brown. I don't like them as crispy as some people, so I keep a close eye on them as they cook, and turn the flame down if necessary. The onions will get soft and sweet and smoky. Taste them once they start browning to see how you like them best.
