The Velazquez Lounge at MAD is quite pleasant. I have used it recently whilst transiting on IB to/from LHR - JNB. The Emerald Card will get you into F side of lounge, and if you want to use one of their new shower suites, you have to ask at the desk for the key, but towels, shampoo, razor, etc. all provided and quite comfortable. Good selection of drinks and nibbles, plus worldwide papers. Several large televisions blurt out far too much noise for a small lounge, and the majority of the seats have large ashtrays next to them, and the air does get a bit blue due to the number of people using them! There are two computers for use that are DSL connected...perfect for checking last minute emails, etc. Many of the flight from MAD are still accessed via bus, so you'll have to allow time for this. One odd point to add...you don't seem to go through security when changing international flights...