Having stayed at the Airport Sheraton in Frankfurt, Germany and now at the ArabellaSheraton Grand in Munich, the Munich lounge pales in comparison to FRA. It is nice, but a much smaller room and limited snacks (potato chips, nuts, and chips and salsa) during the day.
In Frankfurt, though the lounge technically closes at night, you can still access the computers (have to pay for Internet access though) and the drinks (both soft drinks and beer). Security guards came by a couple times but didn't say anything (I was by myself and just checking email). The omelet bar and other offerings during the day are excellent.
I'd be curious to hear if anyone who has been to the Frankfurt Airport Sheraton has a better *wood lounge experience.