Combine corn syrup, sugar, and margarine in 2-quart sauce pan . Cook over low heat, stirring occasionally, until mixture begins to bubble. Remove from heat. Add Kellogg's Cocoa Krispies cereal;stir until well-coated. Press mixture evenly and firmly around the sides and in bottom of buttered 9-inch pie pan to form crust. Chill.
Place cream cheese in mixing bowl; beat until fluffy. Gradually add sweetened condensed milk; mix thoroughly. Stir in lemon juice and vanilla. Pour into chilled pie crust. Refrigerate 1 hour; Spread cherry pie filling evenly over cream cheese filling. Return to refrigerator about 1 hour or until thoroughly chilled. Cut into wedges to serve.