Real nachos beat chips and the canned cheese. Take a can or two of refried beans, mix in some pre-cooked, shredded chicken or beef, spread on an oven/microwave safe plate, put cheese, jalapenos, black olives, or whatever on top of the cheese, and heat the whole plate. You can put the black olives and such on top of the cheese after heating it all, but I prefer putting it on first.
After it's hot, either put sour cream and salsa on top of all of that, or put it in seperate bowls to dip your chips in after you dip from the plate.