The Sink Bowl is actually two bowls, one stacked on top of the other. The top bowl has a small plug in the bottom. When your cereal has been in milk for just the right amount of time you simply pull the plug to let the milk drain out to the lower bowl.
Perfect? The Sink Bowl does not appear to be available for sale so I haven't actually tried it, but for those are picky about soggy cereal this could be a solution. My concern is with the small little plug and the attached cord. There's got to be a better way to handle that, but then of course it wouldn't be a sink!