I don't know about business class but for economy, how can the IB board seriously be suggesting that IB is better than LA for MAD to SCL?
When I used to fly this route often I used to aim for buying an Iberia ticketed codeshare on LA metal. This was the best price and by far the best service.
IFE better on LA, Food better on LA, LA planes have a cleaner feel, don't know why IB does it but even their brand new planes look like an army of smokers have been making them a milky yellow for 10 years. The only thing that IB wins on is having the most random selection of Latin American beers. That and an FA once turned a sandwich upside down and told me I could have turkey and cheese if I don't like cheese and turkey.
Fly LA on this route. Simples