Good Deal Alert: 25% Off Alitalia Flights; JFK- Madrid from $470 Total Roundtrip
Alitalia is currently having a 25% fare sale on their site, now through October 26,2012. It's valid for travel between November 5, 2012 and March 27, 2013, but excludes holiday travel from December 20, 2012 and January 6, 2013. The promo code is SPECIAL, and the best results I have found is to search on the regular Alitalia USA site, as when booking through the promo code site it doesn't seem to be working. But, once you find the flights you want, then on the final booking page there is a box for an E-Coupon and enter SPECIAL, and it will reprice your flights with the 25% discount.
Alitalia is a member of the SkyTeam alliance, so you can credit all of your flights to Delta, if you are looking to rack up some extra Medallion Qualifying Miles as well. As a reminder, all Alitalia fares earn at the following ratios:

Sample Fares:
Normally New York (JFK)-Rome (FCO) is around $900 on Alitalia.
Taking 25% off this fare, brings this fare down to only $696 for economy class.
It's pretty typical to see cheap Business Class fares over Thanksgiving, and Alitalia is no exception. Business Class from New York (JFK)- Rome (FCO) is running about $2400.
Since the 25% off also applies to Business Class fares, this brings the price down to $1819-which is a great deal!
This sale isn't just limited to Alitalia's non-stop flights, so anywhere in Europe that Alitalia flies is fair game. You can head over to one of my favorite countries in Europe, Spain, for only $470 bucks from New York.
Not the best fares I've ever seen, but pretty darn good. Feel free to share your experiences getting fares as low as possible- and remember to book by October 26, 2012!
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