I flew Iberia in their business-plus class to and from Madrid a few weeks ago. (Iberia doesn't have a separate first class.) I was in the second row. What you get is a lot of room, a reclining seat that will go flat, pretty good attendants, and a decent selection of movies & other video. As for the food, it's essentially inedible (as is most airline food), even if you order a "special" meal. (Here's an interesting video on inflight meals.) From the US to Madrid, they offered us water or orange juice before takeoff; on the return from Madrid, they offered cava (Spanish méthode champenoise) in addition to the other two beverages. During the flight several Spanish wines of varying quality were available, along with sherry and hard liquor, so you could drink a lot even if you couldn't eat the food.
