Good gameplay weighed down by sloppy production values.
The story isn't much to speak of. It starts off by skipping the entire introductory sequence to the movie. Basically, it begins with "This is Tony Stark. He was kidnapped. He has to leave.". You're never really told right off the bat that you're a genius, millionaire weapons engineer. The game just assumes you saw the movie. It's also told through some very ugly CG cutscenes, along with some poorly animated cutscenes using the in-game engine. Perhaps the only reason to pay attention to the story at all is because, apart from the beginning and ending, the story is completely different.
The graphics for the game are very average. The character models for Iron Man and the bosses all look fairly good, and everything in front of you can be seen without any interferance from the draw distance. However, most of the enemies have very ugly textures. Some are so bad they could easily be rendered on a PS2. Also, the textures on the environments are good in most levels, though some of them are very flat and lack detail.
The gameplay itself is where the game excels. Though it's not necessarily fun unless you make it fun. Each level basically drops you into a large open map and gives you some objectives to accomplish. Unless you're fighting a boss the objectives never deviate from the "Go here, Destroy object" format. As Iron Man, it is up to you to go there and destroy that object.
The controls work well. In short, you can fly and shoot. You have three weapons, your repulsors, secondary weapon, and unibeam. There's also a melee mechanic that's really only there because it's cool. If you're not creative you'll find yourself flying from objective to objective, blasting your target in the most direct way, and basically finding yourself bored with the game. However, the game can be very fun if you're willing to forgoe what's necessary and do things with a little flare. There is one mission towards the end ("Save Pepper" I believe it's called) where the direct route is the best way through.
Like the visuals, the audio is merely average. The voice acting gets the job done. None of the actors really seem to show any emotion and are rarely put in situations where the should. The music is almost irritatingly bland. The only area in which the audio shines is the sound effects. All of Iron Man's weapons give off deep booming thuds and the explosions are loud. There aren't very many other sounds to hear.
If not for it's gameplay, Iron Man would have been lost among the sea of average to bad movie tie-ins. That said, it's gameplay is good enough to make it at least worth a rent.