Cooking ham in Coke is nothing new in the south. If you Google around for it, you'll see lots of recipes for it. Cherry Coke would be similar.
Since the Coke caramelizes into a sweet syrup, it's not really so different than many other ham glaze recipes that have you putting brown sugar in a liquid and covering the ham in that.
I did try a Coke ham last year on a lark, and one of my daughters preferred it to my normal recipe of pineapple juice/brown sugar. The rest of the family liked it fine but didn't prefer it. I didn't think it was great enough to make again - but it wasn't bad.