Roll dough into a 12- x 8-inch rectangle on a baking sheet coated with cooking spray.
Combine cream cheese, 1 tablespoon sugar, and 1 teaspoon vanilla, stirring well. Spoon cheese mixture lengthwise down center third of dough. Sprinkle cherries over cheese mixture; drizzle with honey.
Along 12-inch sides of rectangle, cut 12 (1-inch-wide) strips from edge of filling to edge of dough. Fold strips, alternating sides, at an angle across filling. Brush top of dough with 1 tablespoon milk. Sprinkle with remaining 1 tablespoon sugar. Bake at 375° for 20 minutes or until golden.
Combine powdered sugar, 2 1/2 teaspoons milk, and 1/4 teaspoon vanilla, stirring well. Drizzle sugar mixture over warm coffee cake.