look up any word, like bukkake:
 
1.
"Good." Both are food items associated with angelic or heavenly imagery (angel food cake, the cream cheese commercials with the angel eating bagels). Plus, both can be really good. Note that "sponge cake" and "cream cheese" are two separate entities, rather than a single dish. It's not that the situation would be as good as sponge cake with cream cheese, but that they are both delicious in their own right.
"If the copy machine doesn't break, then it'll all be sponge cake and cream cheese."