In a 6-qt. stockpot, bring water, 1/2 cup oil, 1/2 cup sherry, salt, bay leaf and pepper flakes to a boil. Add cauliflower. Reduce heat; simmer, uncovered, until a knife easily inserts into center, 15-20 minutes, turning halfway through cooking. Remove with a slotted spoon; drain well on paper towels., Preheat oven to 450°. Place cauliflower on a greased wire rack in a 15x10x1-in. baking pan. Bake on a lower oven rack until dark golden, 35-40 minutes., Meanwhile, place almonds, bread crumbs, tomatoes, roasted peppers, parsley, garlic, paprika, salt and pepper in a food processor; pulse until finely chopped. Add remaining sherry; process until blended. Continue processing while gradually adding remaining oil in a steady stream. Serve with cauliflower.