That isn't cheese. The industry calls it "cheese analogs", and there isn't a spec of cheese in it. Can't you taste the difference?
True, but then there's Velveta, which has some semblance to cheese (a processed cheese food product), which I believe means that it was once stored next to cheese at one point!
But seriesly, you can make some great stuff with velveta, which just doesn't work properly with "real" cheese (though you can toss some fine, shredded chedder and jack in for additional flavor).
You make a fine dip for chips or nachos using the above, along with a can of Rotel (diced tomatoes and chillis), some diced jalapenos, and spicy sausage! YUM!!!!
Mark