As of right now, there is no "lounge" per say. When you get off the elevator on the concierge floor, directly to your right is the conciege staff podium. It looks like a small workspace for the CM's. There is also two small tables for guests, one with a newspaperand other Disney info. and the other with Lincoln logs. The food offerings are placed in the hallway overlooking the lobby, I believe right in the "bear's eyes". There are several tables and a few couches around the other two hallways that overlook the lobby. I felt this was a really cool way to do the "lounge". We had a lot of fun sitting at the tables and being able to look down onto lobby and listen to Whispering Canyon, especially since the Xmas decorations were up.
It is my understanding that WL will be constructing an actual "lounge" this spring. I am sure that someone on the concierge thread will have that info.
Hope this helps.