Well the best thing you can do is eat both. See, eggs, though high in cholesterol, are high in many other things that are good for your body (aside from just protein). Lots of Vitamins A, B, and E, folate, and riboflavin, as well as a few other things. Furthermore, the calories in the egg are used to fuel you for the day, so it's good for starting your day. Cereal is good because it has various vitamins, minerals, and sometimes fiber too. That's why on TV, in the cereal commercials, they say, "Part of a well balanced breakfast." So it's good to have one or two eggs, and a bowl of cereal too. So the bottom line is, you're both right, and both wrong.