Saw it last night and enjoyed it, but not as much as I thought I would. As interesting as an origin story always is, I think some of these comic book movies could take a hint from the 1989 Batman. You get the gist of why he is who is from a couple-minute long flashback scene, they show how the Joker became who he is with a 10-minute long action scene and BAM, we're off and rolling.
Too many of these origin stories just leave me saying, "Well, I know the sequel is going to be better." This was one of those.
The special effects were outstanding. Iron Man moved like a true human being, not overly fluidly like you often see (the monsters in "I Am Legend" and Jar Jar Binks jump to mind) and the scene with the Raptors kicked ass.
The acting was also pitch perfect, with Robert Downey Jr. playing Tony Stark to a tee and Jeff Bridges solid as a villain. Terence Howard needed more screen time, though. At the end, it looks like he's going to be involved in the final sequence when he takes off in the Audi R8 (which was an awesome car by the way), but he's not.
There were, however, some problems with it (SPOILERS BELOW!!!!!!!):
1) NOT ENOUGH IRON MAN! There are only two scenes with the finished product, which looked awesome. Think he was only in about 15 minutes of the finished film. I also fear there won't be enough of him in the sequel if he teams up with others.
2) Iron Man didn't win the final battle (he actually more or less got his ass kicked), Pepper does. I understand they wanted to avoid the old damsel in distress cliche, but I really think they reduced his "bad-ass factor" by having him get bailed out by someone in high heels.
3) It was quite predictable.
4) They fell into the same trap Spiderman did, which was the need to show the actor's faces too much. Robert Downey Jr. and Jeff Bridges had plenty of screen time in the first 1:45 of the flick. The final 20 minutes, I didn't need to see their faces. During the climax, I want to see the superheroes and villains going at it ... not their schlubby (relatively speaking) alter egos.
The pluses outweighed the minuses with this one, but not as by as much as I thought they would.