Do "phantom" cereal boxes have much value?
 

I live in Michigan (home of Kelloggs) and I'm an Atlanta Braves fan.

Back in 1992 a friend of mine who did printing for Kelloggs grabbed a couple of phantom boxes they had printed anticipating a Braves World Series win.

I know Wheaties boxes have value, but do people collect this sort of item?

Wheaties are a General Mills cereal, the box might appeal more to a cereal box collector than it does to a baseball memorabilia collector unless you find a Braves collector that has interest. It's certainly worth more than the average Wheaties box that actually made it into stores.