I've been there recently too, the manager is well known to CCR users. There weren't many people there, but it is quite a small lounge, less than quarter of the size of CCR for example. The refit is total, I couldn't spot anything from the old lounge that had survived.
Here's the lift you need, it's somewhat hidden and poorly signposted, turn sharp right when you get landside, it's nowhere near the Delta/Virgin lounges:
The food options run breakfast -> cold cuts -> salads and soup as the day progresses but some breakfast items are available throughout. The breakfast options in T5 are more extensive, plus T5 has a First section, but AA have bubbles and Bloody Marys.
Egg benedict (I asked for one egg, two is the default).
The menu:
The best bit are the new showers, the doors have the same doubled-up panel that T5 has, to allow pressing. The luggage carrier is hugely helpful, BA please note. Toiletries from Bigelow Apothecaries:
Wifi is provided by BT rather than Arquiva and is fairly fast. Power sockets are both UK and US, with a reasonable though not huge availability.
So if T5 is on your itinerary anyway and you want breakfast you probably best continue via the airside route, particularly if you can use the Concorde Room or Breakfast Room. If you have a T3 arrival, want a shower and/or going into London then AA is your better bet.