Grease approximately four to six 14-16 oz (empty, clean and dry) soup cans. Place 1/2 tbsp to 1 tbsp of flour in each can and throughly coat the inside. Set aside.
Beat cream cheese, butter, granulated sugar and vanilla in large bowl with electric mixer on medium speed until well blended. Add eggs, 1 at a time, mixing well after each addition; set aside.
Sift 2 cups of the flour with the baking powder. Gradually add to cream cheese mixture, beating well after each addition.
Toss remaining 1/4 cup flour with the cherries and 1/2 cup chopped pecans; gently stir into batter.
Pour into prepared cans. Fill each can 1/2 to 3/4 full. Bake for 45-50 minutes or until wooden toothpick inserted in center(s) comes out clean.
Cool 5-10 minutes. Loosen cakes from side of can with spatula or knife; gently remove cakes from cans. Cool completely on wire rack.
Mix powdered sugar and milk and drizzle over each cake. Sprinkle 1/2 cup finely chopped pecans over cakes and top with 1/2 of maraschino cherry.