1. (hyphenated if used before a noun) Of skin (especially on the face), very fair, clear, and soft, especially with a rosy hue. I've heard that women in older times actually bathed with milk to maintain a peaches-and-cream complexion.
2. Of a situation, transpiring, progressing, or unfolding exceptionally easily or well. Our company had a bit of a rocky start, but everything's been peaches and cream for the last few months.