Iron Man is a good movie. For a comic book movie, it's a great movie. A breath of fresh air, really.
It's a grown up movie with grown up ideas and a kid's sense of perspective and possibilities, and that's why it works. There's no goody-goody heroes here or truly evil villains. Robert Downey jr is perfect in the role, playing billionaire military industrialist Tony Stark. Gwenneth Paltrow does a good job but the role doesn't really suit her, nor does her redhead wig.
The effects are gritty and realistic for the most part if you discount Iron Monger at the end. IM's suit looks real, and takes damage when hit. And surprisingly, the movies humor works.
It also helped me realize one major thing -- every guy needs his own private jet with a stripper pole.
http://www.imdb.com/title/tt0371746/