The Spanish school went the way of the brontosaurus a few centuries ago. They haven't been able to produce any fencers of note since the days of the long rapier. There are a few revivalists, like Martinez, but many question their lineage and authenticity (personally, I have no real opinion on Martinez since he came out after I left the fencing world). Modern fencing has been dominated by the French, Italians, Russians and Hungarians for a long time now.

The one thing I will say in favor of the Spanish school is that it had some great art - beautiful plates of their mystic circles - but as a modern study, it's obsolete.