Preheat oven to 180 degrees C. Chop the maraschino cherries and drain on paper towels. Set aside.
In a large bowl, cream butter, margarine and cream cheese at medium speed with an electric mixer until fluffy then add the sugars, beating well. Add eggs and vanilla and beat until smooth.
In a separate bowl, combine flour, baking powder and salt. Add dry ingredients to creamed mixture and stir until a soft dough forms. Stir in cherries, oats, rice cereal, pecans, coconut and chocolate chips.
Drop heaping tablespoons on a lightly greased baking sheet about 5cm apart to allow room to spread. Bake 12 minutes or until lightly browned. Transfer them to a wire rack to cool.