Just got back from seeing it. It was basically a big budget Sci-Fi Channel movie standing on the shoulders of Robert Downey Jr. While it's better than the Fantastic Four flicks and Ghost Rider it still suffers from poor direction, shoddy editing, and distinguished mentally-challenged characters. The whole thing was just another setup movie that promises "big things" for the sequel. If it wasn't for Downey's cocky Stark then the movie would have been just another cheap looking, forgettable superhero flick. He's pretty much the only reason to see the movie since the Iron Man only has about 10 minutes of action fun time.
It's not an absolute disaster, I just expected something better directed than this. Also I missed the after credits moment where
spoiler (click to show/hide)
Sam Jackson appears as Nick Fury to get Stark to join the Avengers.