Out of curiosity I lined up a bunch of cereals at the supermarket to compare their nutritional value. I discovered they are all pretty much the same. From ingredients to sugar content to calories it's a pretty well-matched set. There a few oddballs at either end of the spectrum but when it comes right down to it, these cereals are almost interchangeable.
It appears that we are better off rebuilding the cereals from the ground up or accepting that they are an occasional indulgence without trying to pretend that some of them are better for us than others. In the end you might as well choose the one you like best.