Ah, reading this thread made me so anxious I had to stop reading.
I think that anyone who is worried about connection times in Madrid should focus on their own particular ticket and their own particular situation and not worry about others.
@wynrich had a perfectly adequate two hour connection time because they were arriving in T4S with a transfer on a 4-minute high speed train to T4. This was all booked on one ticket, meaning that there was no need to leave the secure area. The security checkpoint that
@wynrich went through was within the secure area and did not require leaving the secure area; it is a special line for connecting passengers. For @wynrich’s combination, the minimum connection time is 55 minutes, so there was more than an hour cushion.
@NJohn’s situation is different from @Wynrich’s in two significant ways. First of all, the arrival will be in T1. That means leaving the terminal, taking the bus over to T4, checking in again, going through main security lines, and making it to the T4 gate for the flight to Santiago. Second,
@NJohn has two separate tickets, meaning that the whole check-in procedure in Madrid starts from scratch. For that scenario, two hours is cutting it extremely close. In fact, Iberia would not sell you a single ticket with this short of a connection time. As the link in an earlier post of mine showed, the minimum transfer time for this situation is 155 or 165 minutes.
First piece of advice — If you are going to fly from Madrid after arrival on an international flight, buy a single ticket. That way you can be sure that the ticket meets the minimum connection times, and can also be sure that the airline will rebook you in case of delays.
Second piece of advice - if you are nervous about connection times, and if you are unfamiliar with the Madrid airport setup, take some time to understand the layout. As others have noted, tickets will not be booked with less than the minimum connection time, but knowing where you are going in the airport can make the difference between a missed flight and a close connection.
Bottom line here is that it is impossible to answer the question whether two hours is an adequate connection time without knowing more about the particular scenario. In some cases it’s a comfortable connection, and in others it is unlikely to be possible to make.