In a medium heavy saucepan combine chocolate pieces and whipping cream. Cook and stir constantly over low heat until chocolate melts. Remove saucepan from heat; cool slightly. Sir in cherry brandy. Beat truffle mixture with an electric mixer on low speed until smooth. Stir in cherries. Chill 1-1/2 to 2 hours or until firm.
Line a tray or baking sheet with waxed paper. Shape chilled chocolate mixture into 3/4- to 1-inch balls. Roll balls in cocoa powder, finely chopped nuts, and/or powdered sugar and place on prepared tray. Store in a single layer in an airtight container in the refrigerator for up to 2 weeks. Let stand at room temperature about 30 minutes before serving.