Iberia is quite OK for transatlantic services, in my experience. Decent hard product, variable but fairly standardised soft product, lesser quality in ground response to ticketing and similar issues.
All AA awards on Iberia also have YQ fees, though they're not at all as punitive as BA.
To book an AA award on Iberia or other airlines, see:
http://www.flyertalk.com/forum/ameri...solidated.html
http://www.flyertalk.com/forum/ameri...es-2014-a.html
This is likely to be merged into the latter thread.
Note that AA and US share AAdvantage for status, miles earning and awards, so this belongs in the Combined Airline and Program Forum. /Moderator