Yeah I love cereal too, I place my cheat days one right in the middle of the week and one at the end, it this sort of supercharges me, instead of the usually approach of dieting all week and waiting till the weekend to cheat away..
Go 4 it,
There is nothing cheating about any food. I think it is wrong to label anything as a "cheat" food. By doing so, TONS of people forego foods for no good reason.
Bodybuilders even don`t eat fruit, although they have no basis at all for doing so. You can eat whatever you want 7 days a week and still procure the same results.
"cheating" is a myth.