Preheat a grill to medium-high heat (to about 450 degrees F).
Once grill is preheated, place corn on grill, leaving space between them. Let grill until charred on all sides, turning every few minutes, about 8 - 9 minutes total.
Working with one cob of corn at a time, using a spatula brush all sides with the mayonnaise mixture then lightly roll in cheese to coat with a thin layer (it should look somewhat sparse, don't overdue it or the cheese will be overwhelming and you won't have enough to coat all of them). Transfer to a serving platter or baking sheet and repeat with remaining corn.
Sprinkle corn with chili powder, then a little cayenne pepper if desired, then turn to opposite side and sprinkle with more chili powder.
Sprinkle lightly with more cilantro and serve with lime wedges if desired.
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