Hi ToniG, jere here. Well, I have only been on the AVE once since with the airline deals here it is usually cheaper to fly but there are some good things about the "Alta Velocidad Espa�ola" (A.V.E.) for example, unlike flying you do not have to be at the terminal 2 hours early.
Anyway, I went tourist class and it was more than enough for my modest little self

The difference is (as with the airlines) in the seat width and service (refreshments, dining, etc), but in my opinion it is all the same for the brief 2 hour ride. If you go to
www.renfe.es/ingles/empresa/ave/madrid_sevilla.html#Services you can see the services available with each type of ticket.
Hope I helped,
jer...
p.d. I think the reason that you can not see the major difference in classes on the AVE website
http://www.renfe.es/ingles/empresa/ave/index.html is that there is not enough different to actually show!
p.d.d. Now if a foot massage/grape feeding came withe "Club" class then perhaps I would have to think about it a bit more