Well, I usually fly about 50 times in Spanair per year and the MAD-AGP:

a.- They use a A320 (usually) so the plane is OK
b.- The MAD Lounge is quite correct
c.- Drinks... hum... it depends of how long. Less than 40 minutes just on demand, longer yes.
d.- Puntuallity: Usually it's quite OK. In the AGP-MAD if they arrive late more than 15 minutes they give you a free ticket (same class). Check for the promo if is still on).