If you are willing to devote the time, I'd consider renting a car for a week and driving through Andalucia. The region offers an amazing diversity of scenery: beautiful mountains (Sierra Nevadas, et. al.), great architecture (in Sevilla, Cordoba, Granada, et. al.), dozens of photogenic white washed towns, nature reserves (Fuente de Piedra for flamingos - although I think they're only there in the winter) and plenty of famous photo ops (Ronda, Alhambra, etc.).
You usually can rent a car very cheaply in or around Malaga (although I've never been to Costa del Sol) and then head inland. I found a pretty cheap one-way rental starting in Sevilla and dropping off in Cordoba.
Here's a link to photos from my Spain trip to give you some ideas (see the Sevilla, Cordoba, Ronda, Andalucia, Cadiz and Granada sections):
http://www.eaglerockphotography.com/f94430391 Places I really want to go in Spain that I haven't been yet: Toledo, Segovia, Salamanca and the northern coast.
I haven't been to Portugal, but its high on my to-do list. I know Lisbon, Porto and the Algarve coast are very photogenic.