Adjust 2 oven racks to upper and lower positions. Preheat oven to 350°; spray 2 large cookie sheets with cooking spray. In large bowl, whisk eggs, butter, sugar and vanilla extract until smooth. In medium bowl, whisk flour, baking powder and salt. Stir flour mixture, pistachios and cherries into egg mixture until dough forms.
Divide dough in half. On 1 cookie sheet, with floured hands, shape 1 piece of dough into 14 x 4-inch log (about ½ inch high); repeat with remaining piece of dough on second prepared cookie sheet.
Bake logs 25 minutes or until golden and toothpick inserted in center comes out clean, rotating cookie sheets between upper and lower racks halfway through baking. Cool logs on cookie sheets on wire racks 20 minutes. Reduce oven temperature to 325°.
Transfer 1 log at a time to cutting board. With serrated knife, cut log crosswise into ½- inch-thick slices. Place slices, cut side down, onto same cookie sheets; bake 20 minutes or until golden brown, rotating cookie sheets between upper and lower racks halfway through baking. Transfer biscotti to wire racks to cool completely; store in airtight containers at room temperature up to 3 weeks or freeze up to 3 months. Makes about 48 biscotti.