Place a sheet of waxed paper or foil on a large cookie sheet. In a large bowl, combine the noodles and the cereal and set aside.
Melt white chocolate or vanilla candy-coating in a double boiler over hot water (or in the microwave). Remove from heat and pour over noodles and cereal.
To form nests, mound 2 tablespoons of the mixture onto the prepared cookie sheet. With the back of a teaspoon, make an indentation in the center of each mound. Press 3 or 4 candies in the center of each "nest". Allow to set at room temperature until firm.