Iberico has steadily declined in quality since opening. there was a time when the food really was outstanding and cheap.
there are a couple of places in the suburbs i do like - Meson Sabika in Naperville - it gets bonus points for atmosphere, it's in a beautiful olf mansion and has what might be the largest patio in chicagoland. and La Tasca in downtown arlington heights. best picho de solomillo and pulpitos i've had.
in the city - Twist in wrigleyville is usually consistent, but way too expensive, and crowded. but great pulpitos and shrimp.