Lol, kidding. Depends on the cereal. I can think of one that is way too rough so I like to leave that one soaking in the milk for a few minutes until it's perfect. But for most I'd say crunchy.
I like to let my cereal get a little soggy for, like, five seconds before I start eating it. I find totally soggy cereal as unappealing as the next guy, but cereal is served in milk for a reason, ya feel?