My husband (American) went to
IESE in Barcelona and graduated last year. We had a great experience and he's confident that he got a great education. He did a semester exchange with Wharton, and said most of his IESE professors/classes were better. IESE has visiting professors from top US business schools each year, one from Harvard right now. I don't know why people keep mentioning its price, it was way less than half of what an MBA cost in the US, and its #3 European school and top 20 world wide. Sure, you could spend less and go to a more local school, but would you get the big job afterwards...if you're going just to learn business you can go anywhere, but its way different than going to a top school.
You can check out more about IESE by going to their website
www.iese.edu . Good luck with your decision!