They had a rather excellent GT1 Race there last month. It looked fantastic, especially the elevation changes, the run downhill into the last corner in particular. You can watch the race free online at http://www.gt1world.com/gt1tv, with commentary from David Croft and John Watson.
I think that there’s no reason why it shouldn’t have a race, as it doesn’t really make sense to have two Iberian races both in Spain, when there’s fans and a great track in Portugal, but even if it were to work out financially from Bernie’s point of view, it would be a long time before the event were to materialise, because of the enduring contracts for Barcelona and Valencia.
Really, I’d like to see both of the Spanish races replaced, moving one to Portimao and another to either Motorland Aragon (watch highlights of the Motogp there to see why) or Navarra (although that track is as yet unproven and looks a bit too similar to Portimao) anything would be an improvement on the current venues.