Preheat oven to 180 degrees C. Process cereal in a food processor or blender to a fine powder. Measure out 1 cup of the powder and combine it with the flour, bicarb soda and salt; set aside. Grease a baking tray.
In a large bowl, cream together the butter, white sugar and brown sugar until smooth. Beat in the eggs one at a time then stir in the vanilla. Gradually blend in the dry ingredients. Stir in the chocolate chips. Drop by rounded spoonfuls onto the prepared baking tray.
Bake for 8 to 10 minutes in the preheated oven. Allow biscuits to cool on baking tray for 5 minutes before removing to a wire rack to cool completely.