I totally agree! Cereals are horrible in their advertising. I have particular beefs with the sugary ones (Froot Loops are even advertised this way on this site) that tout themselves as a good source of fiber, and also Special K, which really pumps itself up as being the healthiest thing going, but has very little fiber or protein (except the high protein version), and uses HFCS. Many of them are like white bread...strip the nutrients out, then put them back in artificially.
And now that you don't have to be perfect, you can be good.