It was bound to happen some day: the inevitable marriage between peanut butter and Cheerios. Since the late 1970s, the cereal has expanded its flavors to include Honey Nut, Apple Cinnamon, Multi-Grain, Frosted, and Dulce de Leche.
Regular Cheerios don't do anything for me, and I've found the aforementioned varieties to be marginally better. I am, however, a devotee of peanut butter-themed cereals, no matter how ill-conceived; in 2011, a staple of my pantry was Cap'n Crunch's Peanut Butter Crunch.
I was dubious as to whether an infusion of nut butter would sufficiently liven up multi-grain cheerios, which I have been known to call Rings o' Blandness.
After eating one sizable bowl laced with 2 percent milk, I am further convinced the General Mills needs to rein it in with regards to product diversification, as Peanut Butter Cheerios adds little to the brand.
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The taste isn't unpleasant; it's just not peanut butter, which is, surprisingly, listed as the third ingredient. Honey/sugar is the most discernible flavor (though the cereal is overall insipid) followed swiftly by soy(?), wheat, and corn. Texture is appropriately crunchy, and the O's retain their shape and buoyancy even after marinating in milk for 20 or so minutes.
So, not a complete failure as a breakfast food. Just doesn't live up to its promise, and certainly not worth risking inducing anaphylaxis in nut-sensitive dining companions. For the same amount of sugar (9g per 3/4 cup), PB Cap'n Crunch is a better bet.