The first ingredient in Honey Smacks is listed as sugar; the second as wheat. I would think, therefore, that you're probably better off eating the cereal than the table sugar ... probably not a whole lot better, but then, you've got to figure on the added milk and the vitamins with which the cereal is fortified to make it look more like a proper food and less like pure junk. Then, too, there's that delicious, crispy texture.
The refined wheat has a glycemic index of about 85, just a bit less than sucrose which is 100. A serving of Smacks has 25 grams of carbs, 2 of protein and 1 gram of fiber. Altogether this is a very poor thing to eat.