Heat the olive oil in a medium-size sauté pan over medium heat. Add the corn, shallots, 1/2 teaspoon of the salt, and the black pepper and cook, stirring, until the corn and shallots are tender, about 5 minutes. Remove from the heat.
Combine the eggs and the cream in a large mixing bowl and whisk to blend well. Add the cornmeal, flour, masa harina, baking powder, cayenne, the remaining 1/2 teaspoon salt, and the water. Mix well. Fold in the corn-and-shallot mixture.
Heat 1/2 teaspoon of the oil in a large nonstick sauté pan over medium-high heat. When the oil hot, but not smoking, gently drop the batter, a tablespoon at a time, into the pan. You can cook about eight cakes at a time. Cook until the cakes are lightly golden on both sides, about 1 1/2 minutes on each side. Repeat until all of the oil and the batter are used up.
Drain the cakes on paper towels. Sprinkle with the Creole seasoning and serve warm with caviar sauce, accompanied with a tray of garnishes. These can also be prepared in advance and passed around on trays.
Yield: Makes about 32 cakes (3 to 4 per serving)