Place graham crackers into a large capacity food processor and process until turned into crumbs. Add 1/4 cup sugar and melted butter and pulse until well combined.
Press graham cracker crumb mixture into the bottom of a 9x13 inch pan. Place in the refrigerator until ready to use.
Clean your food processor bowl, then add softened PHILADELPHIA cream cheese and 3/4 cup sugar. Process until smooth. Add peach flavored gelatin and pulse until the cream cheese mixture is a soft peach color.
Pour into a large bowl and fold in COOL WHIP.
Pour mixture over graham cracker crust in the 9x13 pan. Cover and refrigerate for 4 hours.
In the meantime, place chopped peaches, sugar, lemon juice and cinnamon in a saucepan and heat for 10 minutes over medium low heat, stirring continuously. Once peaches are softened and juice becomes slightly thick, remove from heat and stir in vanilla. Let cool.
To serve, plate one square of cheesecake then top with peaches. Serve immediately.