I flew on an transatlantic flight on a 747 in 1972. There was one lounge, above the main cabin, and it was reserverd for first class. Food served on 1970's airlines was typically a meal (as opposed to the snacks you get today) but they were certainly not prepared on the flight, more like warmed up. What's described in this article sounds more like the experience of flying in the 40's and maybe early '50s.