At risk of sounding like the dissenting snob here, processed cheese has never turned me on. When refrigerated, that rubbery, plastic-like texture makes me turn my head. Real American cheese from the deli at the supermarket has always tasted better to me. Scrambled eggs and cheese, cheese burgers, mac and cheese all taste drastically more cheesy to me when made with real cheese.
That processed stuff is oil and flavorings. To each their own, I suppose.