The film was, IMO, brilliant.
I'm a huge Iron man fan (though, I admit, I haven't read any of the new stuff; I'm still somewhere back in the 60's or 70's, reading all the way through on the DVD-ROM set....) and I was figureing the movie would be decent.
It was easily the best superhero movie I've ever seen, with the possible exception of Batsy Begins. I'm not sure about that one. Have to see IM again to decide.
Everyone else I've talked to who's seen it also loved the movie, including non-IM fans.
IM2 is going to be awesome. I already see how a bunch of the stuff is setting up 2; the Terrorist group is "the ten rings..." Can we say "Mandarin"? Avengers and Captain America are going to be awesome, too.

Wanted to go see it opening night, but that was in the middle of the big debate tournament.