In large bowl, beat cream cheese, butter, granulated sugar, vanilla and spices. Add eggs, 1 at a time, mixing well after each addition. In small bowl, combine flour with baking powder; gradually add 2 cups of the flour mixture to butter mixture. To remaining flour mixture add maraschino cherries and 1/2 cup of the chopped pecans; fold into batter.
Grease 10 inch bundt pan or tube pan; sprinkle with remaining 1/2 cup chopped pecans. Pour batter into prepared pan. Bake in preheated 350 degree oven for 1 hour and 15 minutes or until toothpick inserted into center of cake comes out clean.
Let cool in pan on wire rack 5 minutes. Loosen edge; remove from pan. Cool completely on wire rack. In small bowl, beat powdered sugar and milk until smooth. Spoon icing over cake. Garnish with pecan halves and candied cherries.
