As a gold, I just received 2 paper certificates per day for continental that could be upgraded to full for $10 (which once you add taxes that you wouldn't have paid on the free is about $11.50 each). This is in the hotel restaurant, no lounge that I was told about.

So - your third won't get breakfast....and really all the upgrade gets you is the omelet station and 4/5 trays of really basic / unimpressive hot plates of egg/pancake/meat.