The ironic thing about Velveeta is that it is low in cholesterol. Its first ingredient is milk as well.
Ingredients: MILK, WATER, MILKFAT, WHEY, WHEY PROTEIN CONCENTRATE, SODIUM PHOSPHATE, MILK PROTEIN CONCENTRATE, ALGINATE, SODIUM CITRATE, APOCAROTENAL (COLOR), ANNATTO (COLOR), ENZYMES, CHEESE CULTURE.
Not too bad actually! That and nothin' melts like it. Makes me want to get a brick and make some dip. ;-)