It was fun, it was fast paced and it looked splendid. It was also utterly silly, and that in my book makes a good comic book film.
The plot is something like this: Generic terrorists want to take over Asia for some reason, they do this by killing villagers. Tony Stark builds a suit and kicks ass, nearly killing himself in the process. Tony Stark builds a suit and kicks ass, nearly killing himself in the process. Tony Stark builds a suit and kicks ass, nearly killing himself in the process.
Somewhere along the way we meet Dr. Yinsen, sporting the briefest sidekick lifespan ever to be recorded in film history. You meet him as the movie starts, learn his origins, sympathize with his character and watch his deathbed outcry in just under 10 minutes!
One might ask himself, what is those crazed terrorists' obsession with Asia? Talk about ambitions. Also, for some reason they need the most powerful weapons manufactured by Stark's corporation to fight those peaceful villagers. Yes, they use MIRV missiles against children. Did I mention they were terrorists?
Now about the suit itself -
I can accept the fact that the iron man suit creates jet fuel out of thin air and flies. I can accept that he has rocket launchers, poisonous darts and an assortment of other death tools coming out of nowhere. I can accept that he flies up to 40,000 feet without the pressure and cold killing him. I can accept all those things and my belief would be happily suspended - but I just can't accept the fact that about a dozen of times in this film he crashes into earth at a velocity strong enough to break concrete, but apparently not strong enough to fracture bones. He doesn't injure himself one bit. Not even an "ouch"!
As a strong-headed businessman that co-runs the company along with Stark, The Dude AKA Jeff Bridges decides that the best course of action would trying to kill the best engineer in the company, Tony Stark. After his ingenious plan fails, he comes up with another plan, which is to kill the best engineer in the company, Tony Stark. So he steals the suit-powering thingambob from Stark's chest and manages to complete his own fat iron man suit, all this while being chased by a couple of feds. What's the smart thing for a business man to do while being chased by feds? Run? Hide away? No - as a man with practically no insight past the next 10 minutes, The Dude decides to kill all feds and cause a general mess using the iron fat suit. Let me tell you something - if you're trying to build more of these so you could sell them to the army, maybe killing civilians isn't the brightest way to do so.