I've flown IB recently, both Airbii 340 (-300 and -600). Both had the new Business seats, decent wine and OK food, variable service. Tiny seat charts are on the Iberia site here, as is information on Business Plus at www.iberia.com; select your country, English, then "Travel with Us," "On Board," "The Seat" and the Business Plus tab for a look at the seat (a bit short for those over 6' / 182 CM.)

You must call Iberia for seat assignments.

Give yourself time to go through formalities when you arrive from the USA at MAD Terminal 4-S, then use the lifts to get to the train to Terminal 4. (Hint: at immigration, stay in the rightmost "Non-EU" queue - as the EU queues disappear, they will call those in the rightmost queue over...)