UPDATE - Jon Favreau shot down this rumor on his MySpace page. He said:
I am concerned, however, about the announced release date of April 2010. Neither Robert nor I were consulted about this and we are both concerned about how realistic the date is in light of the fact that we have no script, story or even writers hired yet. This genre of movie is best when it is done thoughtfully and with plenty of preparation. It might be better to follow the [BATMAN BEGINS/DARK KNIGHT] three year release pattern than to scramble for a date. It is difficult because there are no Marvel 09 releases and they need product, but I also think we owe it to the fans to have a great version of IM2 and, at this point, we would have less time to make it than the first one.
Terrence Howard has revealed that IRON MAN II will begin filming in March 2009, with a release date planned for April 2010. What was not revealed was whether or not his character Jim Rhodes would become War Machine this time around, but in my head I'm already assuming it. In fact, if it doesn't happen I'll probably cut someone. Probably Jon Favreau. I'm sure he has ex-Navy seal bodyguards and motion-sensors at his house and shit, but my Mom and I agree: I can achieve anything I set my heart to.
Favreau is expected to direct again, with Robert Downey Jr. and Gwyneth Paltrow returning too.
IRON MAN has already grossed over half a billion dollars worldwide.
Extra Tidbit:
Apparently an early draft of IRON MAN revealed Tony Stark to have created Otto Octavius' tentacles in SPIDERMAN 2.
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1:34PM on 06/10/2008
Also,I think Favreau should indeed play it smart, take a page out of Nolan (B.B., T.D.K.) and Singer's...
Also,I think Favreau should indeed play it smart, take a page out of Nolan (B.B., T.D.K.) and Singer's (X-Men, X-Men 2) books, and pull the 3 year gap maneuver.