In a large bowl whisk together eggs, milk, vanilla extract, cinnamon, and sugar; set aside.
Spread a quarter of the cream cheese on a slice of bread; repeat with three more slices. Spread 1 tablespoon of strawberry preserves on another slice of bread; repeat with the remaining three slices. Press one slice of each topping together to form four sandwiches.
Heat a large skillet or griddle over medium-high heat. Melt the butter in the skillet (if working in batches, use 1 1/2 teaspoons butter for each sandwich). Dip sandwiches in egg mixture, turning to coat both sides, and arrange them in the skillet. Cook until nicely browned and crisped outside, about 5 minutes per side.
Serve topped with powdered sugar and strawberries.
Tip: If you like to experiment in the kitchen, try a flavored cream cheese or other types of fruit preserves in place of the strawberry. (Apricot, blueberry, and peach work nicely.)