Velveeta will withstand temperature extremes and rough handling, and flavor your foods with the "pasturized process crap" taste it is known for.  If you like the way it tastes, then go for it!  It won't readily spoil, given its ingredients, and can make a "gourmet meal" out of a gelatinous chunk of Spam, Vienna Sausages, cheap jerky, Slim Jims, or licorice, or so I'm told.   :P