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1. Preheat oven to 350 degrees F. Spread butter lightly onto one side of each bread slice; cut each bread slice into quarters. Arrange half of the bread pieces, buttered sides down, in an ungreased 3-quart rectangular baking dish. In a large bowl toss together plums and lemon juice. Sprinkle plums and dried cherries over bread in baking dish. Top with the remaining bread pieces, buttered sides up.
2. In a large bowl stir together eggs, milk, and granulated sugar. Pour egg mixture evenly over bread in dish. Press mixture down lightly with the back of a large spoon to be sure that all the bread is moistened.
3. Bake for 45 to 50 minutes or until set and a knife inserted near center comes out clean. Cool on a wire rack for 30 minutes. Serve warm. If desired, sprinkle with toasted chopped pecans. If desired, top with creme fraiche and/or sprinkle with powdered sugar.