Divided grahams evenly among 8 individual dessert dishes; set aside.
Beat cream cheese in medium bowl with electric mixer on medium speed until creamy. Gradually add condensed milk, beating until well blended after each addition. Add vanilla; mix well. Gently stir in whipped topping.
Spoon evenly into prepared dessert dishes; sprinkle with cereal. Refrigerate at least 1 hour before serving. Store leftover desserts in refrigerator.