Mix egg substitute with cinnamon and vanilla extract in a bowl. Transfer to a small plate and set aside.
Lay bread slices on a clean dry surface and spread half of the cheese wedge on each slice. Spread preserves over 1 slice of bread, and place the other slice on top with the cheese-side down. Press gently to seal.
Bring a skillet sprayed with nonstick spray to medium-high heat. Add butter and allow it to coat the bottom of the skillet. Meanwhile, evenly coat both sides of your sandwich with egg mixture. Coat the sides of the sandwich as well. (You won't need to use all of the egg mixture.)
Place sandwich in the skillet and cook for 2 to 4 minutes on each side, until golden brown. Serve with syrup for dipping and enjoy!