It has ghosts, green milk, and the Cap'n dressed as a mummy.
Matt describes the green-milk feature thusly: "You see, in Halloween Crunch, you not only receive the standard corn ‘n oat throatbusters, but a special assortment of reddish, ghost-shaped pieces with an action feature. When milk is added, these ghosts piss out a light green dye, which not only makes the ghosts look like melting Gremlins, but also tints your once-white cow juice a rich, creamy green. Appetizing? No. Halloweeny? Absolutely."