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Heat oven to 350. Grease a 9x13 pan. Set aside 1/2 c. of the cake mix. In a large bowl, stir together the remaining cake mix, cornflake crumbs, 1 egg, and 1/4 c. of the butter. Press into the bottom and partially up the sides of the prepared pan.
In another large bowl, beat together the cream cheese, sugar, vanilla, and 2 eggs. Spread mixture over crust. Spoon cherry preserves over the cream cheese mixture. Sprinkle reserved cake mix over top and drizzle with the remaining 1/4 c. butter. Bake at 350 for 25 minutes. Sprinkle with the walnuts and bake an additional 20-25 minutes or until set. Refrigerate.
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