Beat butter at medium speed with an electric mixer until creamy; gradually add sugars, beating well. Add eggs and vanilla, beating until blended.
Combine flour and next 3 ingredients. Gradually add to butter mixture, stirring until blended. Stir in cereal and morsels. Cover and chill 2 hours.
Drop dough by rounded tablespoonfuls 2 inches apart onto lightly greased baking sheets.
Bake at 350° for 14 minutes or until golden. Cool on baking sheets 2 minutes. Remove to wire racks to cool.
*For testing purposes only, we used Raisin Bran Crunch cereal.
Tip: This dough is very soft. It's essential that you chill the dough before baking in order to work with the dough.