I think the offering is about the same, and if anything a bit better in SQ lounge because it never seems as meagre or trashed as the NZ stuff looks to me in the morning. Personally I don't like the NZ lounge, but then again, I am well known to Merry, the SQ reception lady, it's smaller and less crowded and fells more inviting for me. In fact when flying AC before Christmas, went in and stayed in SQ F until they kicked everyone out for SQ220, and then went to NZ lounge for the last 20 minutes.