I like it just fine.
If I am making a sandwich with bologna or prepackaged ham or turkey or whatever lunch meats I usually just get american cheese to save money.
But when I have money I go to the deli counter and get fresh(er) turkey and some colby jack or a mild cheddar.
Which honestly... American cheese doesn't taste all that different from colby or mild cheddar to me. I honestly think people just bitch about it to be snobby.
But yeah there is no beating Velvetta for cheese dip ever, like I honestly could make it with other cheeses but it would be a whole hell of a lot more expensive and time consuming... Like when we made home made gourmet macaroni and cheese that had $35-40 worth of cheese in it... and took like 2-2.5 hours to prepare... Just not worth the time, effort, or money to not use Velvetta.