Thoroughly blend cream cheese, butter, sugar and vanilla. Add eggs, one at a time, mixing well after each addition. Sift together 2 cups flour and baking powder. Gradually add sifted flour mixture to batter. Dredge cherries and 1/2 cup pecans with remaining 1/4 cup flour; fold into batter. Grease 4 (3"x5 1/2") loaf pans; sprinkle with remaining 1/2 cup pecans. Pour batter into pans. Bake at 325 degrees for 45 minutes, or until toothpick tests clean. Cool 5 minutes; remove from pans. To prepare glaze, combine powdered sugar and milk. Add more milk, if needed, for drizzling consistency. Drizzle glaze over top and sides of cake. Garnish with cherry and pecan halves, as desired.