A true old-fashioned cannot BE without the cherry. I actually prefer two in mine–

The key to this is that you have to have enough bourbon. I have fiddled with my own recipe through the years, and find it perfect at this stage:

Start with a single sugar cube, douse it with a healthy dashing of bitters, and pour a splash of club soda over it. Pop in two maraschino cherries, and a squeezed orange wedge. Muddle. Add ice cubes, and pour a full three fingers of bourbon over the concoction. Stir gently.

A perfect drink! It is sweet, to be sure, but also strong as fuck, as a good drink should be.