Between now and September 30, 2009, Iberia is offering 20% BONUS Iberia Plus Points if you transfer 28,000 or more Membership RewardsŪ points to your Iberia Plus account. Bonus points will be awarded with the original transfer which takes 4-7 days. In order to receive the 20% Bonus, you must be registered in the Iberia Plus Program. Click "See more information about Iberia Plus" for more information.
I find Iberia to have great short-haul redemption values for EU travel. For ex. its something like 8,000 Amex points for intra-Spain flights and 12,000 for MAD-Morocco. 32,000 MAD-TLV, 20,000 MAD-AMS, etc. Fees are pretty low too- generally in the $50 range for most bookings. Only thing to note is that the cheapest award booking class is non-refundable.