All you really need is some chopped bacon and chopped onion, fried together. If you're using Irish rashers, you also need some butter in the pan - American bacon provides enough fat of its own. For an extra treat, roll the drained noodles in the pan to collect additional goodness.
If you wanna be _really_ lazy, there's an even simpler option, namely, Dolmio's pre-made sauces. I am generally opposed to pre-made pasta sauces, because they're usually flavorless pap laden with preservatives. What's the point? Just buy a can of tomatoes and spice it up.
Dolmio's smoked bacon and tomato sauce is not so different from my own bacon arabiatta, but it has a more pronounced smoky flavor. And it's more saucy (heh heh), and sometimes you want something properly liquid, you know?
So yes, I approve of Dolmio sauces. At under 2 euro a pop, as well, they're a fantastic deal. My only real beef is that they claim it's 2 servings worth, which is just silly. It's dinner for one. Their other sauces, by the way, are also quite good - but this one was the best.