Is it pancetta affumicata (smoked)? Or dolce? (mild)
Usually pancetta can replace where bacon goes beautifully, personally I prefer smoked version for many dishes, but the mild one is better for certain dishes, usually with delicate flavoured dishes. (For spaghetti carbonara for instance, pancetta dolce works better.)
Also either wrap or use as stuffing for roasts with fresh herbs, when you use a lean cut. It adds a very rich flavour.