Thoroughly blend cream cheese, butter, sugar and vanilla.
Add eggs, one at a time, mixing well after each addition. Sift together 2 cups flour and baking powder. Gradually add sifted flour mixture to batter. Dredge cherries and 1/2 cup pecans with remaining 1/4 cup flour; fold into batter. Grease 4 (3"x5 1/2") loaf pans; sprinkle with remaining 1/2 cup pecans.
Pour batter into pans.
Bake at 325 degrees for 45 minutes, or until toothpick tests clean. Cool 5 minutes; remove from pans. To prepare glaze, combine powdered sugar and milk.
Add more milk, if needed, for drizzling consistency.