Mmm mmm good - Fresh Tomato Soup

I figured I'd try one more recipe from Everyday Food's September issue, and I'm glad I did! Tomato-Bread Soup was so simple to make and maybe the best of the three recipes I've tried from the digest-sized magazine. We had it last night for dinner and there was enough leftover to freeze for a fall day when the temperature actually feels like fall...
Here's the recipe (Modification: I used just over 2 cups of water)
Ingredients:
1/4 cup extra-virgin olive oil, plus more for drizzling
1 large yellow onion, diced small (2 1/2 cups)
Coarse salt and ground pepper; 2 garlic cloves, minced; Red-pepper flakes (optional); 3 pounds very ripe tomatoes, cored and coarsely chopped
6 ounces day-old crusty bread, thick crusts removed, torn into 1-inch pieces (4 cups)
1/4 cup fresh basil leaves, torn if large
Directions
1.In a large saucepan or Dutch oven, heat oil over medium-high. Add onion, season with salt and pepper, and cook, stirring often, until soft, about 10 minutes. Add garlic and pinch of red-pepper flakes (if using) and cook until fragrant, 1 minute. Add tomatoes and cook, stirring often, until they begin to break down and release their liquid, 5 minutes.
2.Add 3 cups water and season with salt and pepper. Bring to a boil, then add bread and stir to combine. Reduce heat to low, cover, and simmer until bread is soft and soup thickens, about 15 minutes. Season to taste with salt and pepper.
3.To serve, divide soup among serving bowls, drizzle with a little oil, and top with basil leaves.