I didn't care for it, and I'm an Iron Man fan. I know things need to be changed at times, but they basically just changed a whole bunch of things for no other reason than just to change them. The "prophecy" origin is just lame, but I could have dealt with even that if not for the lame way they explained the Mandarin away.
The fights against the "Elementals" are entertaining, but that's about it. As far as story-telling goes, it's not in the same league as the Ultimate Avengers movies.