Personally I don't agree, I wouldn't feed my dog a horrid or unnatural treat so I would avoid giving them something that contains:
Here are the ingredients for the Cheerios (based on a Canadian label):
Whole Grain Oat
Corn Starch
Sugar and/or golden sugar
Salt
Trisodium phosphate
Calcium carbonate
Monoglycerides
Tocopherols
Wheat starch
Annatto
Vitamins & Minerals: Niacinamide, Calcium pantothenate, pyridoxine hydrochloride, folate, iron |