Line bottom and sides of 9 x 9 x 2-inch-square baking pan with nonstick foil, extending over sides. Line a tray with waxed paper.
In large bowl, combine cereal and cherries. In a medium-size dry skillet over medium-high heat, toast chopped hazelnuts, stirring, until golden brown, about 3 minutes. Add to cereal mixture.
In small saucepan, combine milk chocolate chips, praline paste and 1 tablespoon shortening. Cook, over medium heat, stirring occasionally, until chocolate is melted and smooth, about 3 minutes. Stir into cereal mixture. Coat a spatula with nonstick spray; use spatula to evenly spread mixture into prepared pan. Refrigerate until firm, about 15 minutes.
Using the foil extending over the side of pan, lift chilled firm hazelnut-chocolate to cutting board. With sharp knife, cut into 36 squares.
In medium-size microwave-safe bowl, combine semisweet chocolate and remaining 2 tablespoons shortening. Microwave on high 1 minute. Stir until completely melted and smooth.
Dip one square at a time into melted chocolate to completely coat. Lift out with a fork, tapping on side of the bowl to remove excess. Place on waxed-paper lined tray. Let stand at room temperature until coating is firm, about 30 minutes.
To decorate tops if desired, place melted white chocolate and melted milk chocolate into separate small plastic food-storage bags. Snip off one small corner on each; pipe on top of squares. Let stand until firm. Makes 36 pieces.
Praline paste available from American Almond Company, 800-825-6663 or Bakers Catalogue, 800-827-6836 or www.bakerscatalogue.com.