The Velásquez lounge is indeed fantastic! It really feels more like a First Class lounge, and the food offerings have expanded dramatically in the last couple of years. In 2008, there seemed to be only some snacks, cookies, etc., but when I was there a few weeks ago, there was a whole buffet with hot offerings, a salad bar with toppings, ICE CREAM in multiple flavors, and other goodies!
Definitely worth a visit! Great showers and "relaxation suites" too!