I'd put Tony's technical genius above Lex's, though I think Lex may be tactically smarter. He plots and plans while Tony tends to jump into a fight at full tilt. The listing I find for Luthor's armor says it provides:
Superhuman strength and durability (if it's like the versions I know, it is inferior to Superman, but Lex makes liberal use of kryptonite based weapons to make up the difference. At a guess, I'd say this is roughly equal to Iron Man's armor, possibly a little better if it has ever given Superman a rough time without Kryptonite.)
Flight - Probally similar to Iron Man's
Force Field - Probably similar to Iron Man's
Energy Projection - Mostly kryptonite rays of one sort or another, which are useless against Iron Man. My vague sense is that his more conventional energy weapons may have a higher raw power but less versatility than Iron Man's.
Energy blade
Kryptonite energy spikes
The suits appear to be close to each other in ability with Luthor's having possibly more raw power and Tony's having more versatility. Luthor's suit has the weakness of having been designed for one purpose: killing Superman, whereas, Tony has had to adapt to a much broader range of threats over the years.
There's a parallel with two fighter planes that faced each other in the Cold War. The Soviet MiG 25 Foxbat and the American F-15 Eagle. The MiG was bigger, heavier, faster, and more powerful, but did not do as well in encounters as the Eagle which was more maneuverable and had better tracking, targeting, and electronic countermeasures.
Round 1 - Iron Man 6/10
Round 2 - Iron Man 7/10
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