Australian kids are all raised on Milo, along with Vegemite. FYI when you're in an Aussie supermarket, Milo comes packaged in a distinctive green tin. An extra-malt version also exists, in a browny-coloured tin.
Milo is best used in the following ways:
1. Hot Milo: Milk heated up in the microwave, or on the stove, the three-four teaspoons of Milo are mixed in. Leaves a lovely spotted froth. Purists use full-cream milk (I think Americans call it Vitamin-D milk), never the unleaded stuff, and NEVER should one use hot water. Nothing was worse than when you went to a friend's house as a kid, and his or her mum asked you if you'd like a hot Milo, and you got hot water with a little milk, AND SUGAR. Hideous.
2. Cold Milo - as in previous write-up. Usually results in the Milo milk moustache.
3. Milo on your Weet-Bix. Alternative to banana or sugar.
4. Milo on your ice-cream. Mmmmm perfect.
5. Milo milkshake. With lots of ice-cream, of course. Alternative is the banana/Milo combo, or Milo in your smoothie. The one time when fake or unleaded milk is allowed.
6. Milo bar, and Milo-the-drink, both manufactured goods produced by the same company. Great for when you need that Milo-fix-on-the-run.
(P.S. They're more granules than a powder anyway. The inventor mucked up when he was trying to make a food supplement, I think.)
(P.P.S. We have Ovaltine too - but I guess you're right, as Vegemite is to Marmite.)