Heat oven to 350 degrees F. Coat a 13 x 9 x 2-inch baking pan with nonstick cooking spray.
Set aside 1/2 cup of the cake mix. In a large bowl, stir together the remaining cake mix, cornflake crumbs, 1 egg and 1/4 cup of the butter. Press into the bottom and partially up the sides of the prepared pan.
In another large bowl, beat cream cheese, sugar, vanilla extract and remaining 2 eggs. Spread mixture over crust. Spoon cherry preserves over the cream cheese mixture. Spread gently and evenly.
Sprinkle reserved cake mix over top and drizzle with the remaining 1/4 cup butter. Bake at 350 degrees F for 25 minutes. Sprinkle with the walnuts and bake an additional 20 to 25 minutes or until set.
Cool completely in pan on rack. Refrigerate overnight. Cut into 24 bars; serve chilled.