Meh Hard disagree that this is a good deal. I'm a Spanish resident but from the US by origin. If you truly want to maximize benefits, TAP is a much better option. If you live outside of Madrid, you're more often than not going to be flying Vueling intra-Spain for other cities. Which is a crap shoot, to be gentle about it. And since you'll need to stop over anyway, why not do so with an actual mainline carrier instead of some LCC garbage? To wit, I've literally flown in Vueling aircraft that were missing entire toilet seats/lids - just a hole in the metal comode. Multiple times. That's the quality you should expect.
Additionally, TAP consistently has better paid J fares from major East Coast airports and from ORD to the Iberian peninsula, if that's how you're paying. Then credit the miles to AC (or TP or UA or wherever...but TP is also kind of a disaster in its own ways, so caveat emptor) and I think you're still coming out ahead over this fairly non-lucrative CC.
Unless you're a OW loyalist, Iberia is kind of a shitshow overall and, aside from connections within Spain (either on Vueling or Air Nostrum...the Iberia "regional" carrier) where you'd rather fly than take AVE (the high speed train), set your expectations really low. I simply don't see a good value prop for this CC given the very specific competition from TAP and the wealth of other CCs for US-based customers that offer equal and oftentimes better rewards on spend.