I logged in to get the Loaded Baked Potato Soup recipe a friend made, but when I saw this I decided to try it instead. This was a disappointment.
I substituted cheddar cheese, green chiles, and some cayenne for the processed cheese product, as we don't like to buy that sort of food. Well, that must be the cornerstone of the recipe, because I had to tweak things from there to make it worth serving to my family.
So if you are comfortable with buying the cheese product, I would go ahead and make this. Otherwise, try something else. :)