Never saw this one back in ‘75, but I’ve always liked it. Love it when cereal Wackys have all that detail along the box top and side panel (Betty Crooked is another good example), especially that little rectangular seal - not sure if it’s a General Mills thing, but it all enhances the illusion, makes the Wacky look like a real cereal box. Also love the old-fashioned lettering in the Granola/Drainola name.
There’s another thing that strikes me about this Wacky - it may be the only example I can think of where a prominent character addition was painted to look like just a regular person - no exaggerated features, goofy expression, screwy eyes, eye shadow, etc. Gives the parody an almost ‘mature’ quality in comparison with its peers.