Much better than I was expecting, given the harsh reviews I'd read, many of which criticized the "twist" in the third act (which seemed to delight the large audience I saw the film with). Will Smith is terrific as always, but Jason Bateman was just as good, and ultimately moving, as the idealistic PR man whose hope for a better world is running out. The biggest flaw in the film is that it feels like the work of too many cooks, and although the story sorta-kinda works (especially if you're of a forgiving nature), the movie is consistently entertaining.
Downey's the best actor to ever appear in a superhero movie, and seeing him in the same frame as Jeff Bridges was worth the price of admission. But as my 12-year-old son said -- "not enough fighting." All the sequences with Tony S. as Iron Man were pretty cool (my son especially liked when IM kicked butt in the Middle East), but the story was pretty basic at best. More twists and turns in the sequel please. Less romance (or go for it) and more character conflict for Tony Stark after he's revealed to the world that he's Iron Man.