Lyca Mobile seems to have the best deal on prepaid data packs in Spain right now.
Quote:
4,5€ gives 250MB of Mobile Internet data
5,5€ for 600MB of Mobile Internet data
6,5 € for 1GB of Mobile Internet data
11,5 € for 2GB of Mobile Internet data
15 € for 3GB of Mobile Internet Data
30 days from the day purchased.
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They'll also ship you a SIM card for free, even in another country (or at least I just requested 2 Spanish SIMs to be sent to me in Germany). You don't even need to enter a credit card or other payment details -- just an address.
It also appears you can top-up online, which is great given that 2 years ago when I was in Spain and using a CarreFour SIM, this simply wasn't possible (maybe they've since changed this).
Only immediate drawback I can see is that the SIM expires after 60 days of no activity, which is pretty short.