Okay, Lounge is a non-action that lets you increase reach by take a AC penalty. http://www.d20pfsrd.com/feats/combat-feats/lunge-combat---final
But Monkey Lounge is a standard action (meaning you have a move action left) to use Lounge without penalty.
Is the purpose for AoO only?
http://www.d20pfsrd.com/feats/combat-feats/monkey-lunge-combat
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I thought Monkey Lounge was where the Monkey singers went.*
More seriously I don't see where it's been addressed. Other threads have speculated that it was intended you only have the lunge for one attack, as a standard action. So it would read "As a standard action you may make one attack at your highest attack bonus at one target as if your reach was 5 feet longer. Unlike a normal lunge you do not take a penalty to AC."