Velveeta processed "cheese": yay or nay?

Velveeta features a soft, creamy texture and a distinctive taste that advertisers compare to cheddar cheese, and it is noted for its easy melting. Some consumers compare Velveeta's taste to American Cheese, Cheez Whiz and Easy Mac.  The product is made, in part, of whey, a by-product of cheese-making that contains a high amount of nutrients. The product was advertised for its nutrition.  Velveeta is classified by the United States Food and Drug Administration as pasteurized process cheese product. (Source: Wikipedia)