Line a lightly greased 15" x 10" jelly-roll pan with wax or parchment paper.
Melt candy coating in a large microwave-safe bowl according to package directions. Gently stir in cereal and pretzels. Spread candy onto wax paper. Let stand 1 hour or until firm. (Do not refrigerate.)
Break candy into pieces. Store in an airtight container.
This simple candy recipe offers several opportunities for kids to help: Let them crush the pretzels in a zip-top plastic bag, stir the cereal into the melted vanilla coating, and, best of all, break the finished candy into pieces and sample it.