Process cereal crumbs in a food processor or blender until finely ground.
In a large bowl, cream butter and sugars until well blended; add eggs and vanilla and mix well.
In a medium bowl, combine flour, salt, baking soda, and baking powder; add to sugar mixture and stir to combine.
Stir in the chocolate chips and cereal crumbs.
Drop by rounded tablespoon onto a lightly greased cookie sheet and bake for 10-12 minutes.
Cool completely; store in an airtight container.
For a slightly healthier version that doesn't affect the flavor or texture of these cookies at all, replace 1/4 cup of the cereal crumbs with an equal amount of wheat germ, ground flaxseed, or a combination of both.
Recipe can be doubled, but only if you plan to bake the cookie dough right away (dough gets dry as it sits).