Iron Man 2 simply didn't have the magic of Iron Man 1. I've watched the Blu-Ray over and over again, trying to like it more. I then go back to the first film and enjoy it without end. I love the new suits. I love the new tech. But the character development suffered between Stark and Pepper, and Stark and Vanko.
The story of first film was told through the eyes of Tony Stark - a mere mortal faced with incredible odds and trying to engineer his way out. It was about the thrill of discovery, testing the limits of ingenuity and creativity. And despite all the technological achievements, our hero had to put his life on the line - and in the end it was about the strength of his heart rather than the abilities provided by his technology.
The second story was about.... Sorry, I can't really figure that one out.
Favreau made a directorial mistake. Every comic book buff, by now, knows that a hero is defined by the enemy. If Vader defining Luke as a hero wasn't enough, Nolan's recent film The Dark Knight should have made everyone very clear that how you tell a story is more important than throwing objects into the film that you can merchandise as toys later. So who was the enemy in IM2? Vanko? Hammer? The assortment of drones?
In the comics, people got tired, tired and extremely tired of Spider-man beating up on robots or armored bad guy teams. Why? Because there is no struggle at a character level. Spidey dances from drone to drone and defeats them without the story developing any dramatic tension. Spidey vs. Firelord? Hell yeah. Spidey vs. Juggernaut? AWESOME. Those of you who have read those two landmark issues will know what I'm talking about.
Vanko didn't truly fight Stark until the very last minute, and for a very brief moment. All his time was fighting from behind a keyboard. The actors had no human actor to react against in the way Stark had to react to Obie in IM1.
Spider-man 3 was abysmal. Superb special effects and all, but now Spidey's focus is divided among two enemies instead of one. Spider-man 2 was in many ways a good character arc from Spider-man 1, and more enjoyable. Peter only had to deal with one enemy. The focus of the entire movie was the tension between one hero, one villain. SM3 diluted the dramatic focus and just threw merchandisable characters into the soup.
If Iron Man 3 is anything like Iron Man 2, the studios will be calling for a reboot, then try some gimmicky formula where they can appeal to a younger audience who is less critical. Well, the studios had better learn of the Burton-Schumacher Batman series of films, as they did EXACTLY that, and look what Nolan did to save the franchise.
Iron Man 3 simply has to capture the magic that made Iron Man 1 what it was and build upon it.