To follow up, as a Gold staying on a C&P rez, I was given a club floor room with access to the lounge. I specifically asked for it on check in, so I'm not sure if it is "standard procedure."
Rusty's summary of the lounge benefits is spot on. The facility is quite nice: the food and beverages provided only so-so. But it's perfect for breakfast -- especially in a city where you're likely to eat a big lunch. A few cold cuts, some bread and a medialuna. And the fresh squeezed OJ is great.
Later in the day is more disappointing, as the snacks can be pretty lame. And I can't understand why they don't have a free house wine. Still, since I was drinking a half bottle at lunch and at dinner, I was only too glad to stick to the free soft drinks.

They did provide a free half bottle of wine in my room (not refreshed).
I also like the location. The Microcenter is definitely "ground zero" in BA, and it's easy to get anywhere from there. A few years ago, the constant pan-handling and vagrants made it feel a little unsafe, but things are still much improved from "the crisis" (at least for now!). And the front desk staff is friendly and helpful (I found the men to be almost as useful as the women).
The rooms themselves are good, but not great. I asked for and got a room away from the elevators (which now sometimes ding, and sometimes don't). My particular room this time had pretty scuffed furniture, but was otherwise is good shape. I'd compare the rooms to a typical Sheraton in the US. For only $45 + 2800 points, I wouldn't stay anywhere else in BA.
In comparison, the brand new Mendoza Sheraton was swank -- the equivalent of a J.W. Marriott. Also easily worth the $45 plus points rate. But in Mendoza, I identified myself as a gold there and basically got nothing, except a modest desert plate of a couple of chocolates and a mini-strawberry mouse. Too bad, because I could tell that any sort of lounge there would likely be impressive.