Combine the cherries, lemon juice, sugar and lemon strips in a small saucepan over low heat. Cook until the mixture has thickened, about 20 minutes. Remove the pan from the heat, add the rum and return it to the heat to burn off the alcohol, about 1 minute or until the flame is gone.
Whisk together the milk, cream, eggs, almond extract and honey in a shallow bowl. Soak the bread in the custard mixture.
Heat the butter in a large saute pan wide enough to fit both pieces of bread over medium heat until frothing. Drain off the excess custard from the bread, add the slices to the pan and cook the on both sides until golden brown, 4 to 5 minutes a side.
Finish in a 375 degrees F oven if the center is still wet, 5 minutes at most.
Serve by placing the French toast on a platter, along with the cherries jubilee sauce. Finish with the zest of the lemons and a dusting of confectioners' sugar.
Use extreme caution when igniting alcohol. Remove the pan from the heat source before adding the alcohol. Pour the alcohol into the pan and carefully ignite with a match or click lighter. Return the pan to the heat and gently swirl to reduce the flames.