MIX flour, baking powder and salt in small bowl. Beat butter and sugar in large bowl with electric mixer on medium speed until light and fluffy. Blend in eggs and vanilla. Gradually add flour mixture, beating well after each addition. Stir in cereal and white chocolate.
DIVIDE dough in half. Shape each half into 14x2-inch log with lightly floured hands; place on greased baking sheet.
BAKE at 325°F for 30 minutes or until lightly browned. Remove from baking sheet. Place on cutting board; cool 5 minutes. Using a serrated knife, diagonally cut each log into 12 equal slices; place upright on the baking sheet, 1/2 inch apart. Bake an additional 15 to 18 minutes or until slightly dried. Remove from baking sheet. Cool on wire rack. Store in tightly covered container at room temperature. Dip in or drizzle with melted semi-sweet baking chocolate. Let stand until set.