Beat the cream cheese in a bowl, using an electric mixer set on medium speed, until smooth. Gradually add the eggs, 1/2 cup of sugar, milk and vanilla, beating well after each addition. Pour into the unbaked pie shell. Bake in 375 degree F. oven for 30 minutes or until set. Cool on a wire rack. Drain the peaches, reserving 1 cup of the juice. Combine the cornstarch and 1/4 cup sugar in a small saucepan. Gradually stir in the reserved peach juice, lemon juice and almond extract. Cook over medium heat, stirring constantly, until the mixture boils and thickens. Remove from the heat. Arrange the peaches in a circle, petal fashion, on top of the filling. Garnish with maraschino cherries. Spoon the glaze over the fruit. Cover and chill in the refrigerator for at least one hour or until set.