I just got back from a midnight premiere, and it's 4 in the morning here, so forgive my grammar if it slips :P

Iron Man 3 is disappointing and awesome at the same time.

The Good: Pepper's more than just a pretty face, as she helps Tony both in battle and mentally. The humor in the movie is almost non-stop, and it's great. Ditto for the action and awesome soundtrack, which are both very Avengers-like in their execution. The script is always snappy, and the plot takes many intriguing twists and turns.

The Bad: Especially if you're into the comics, lower your expectations, because the movie takes some of the characters from Iron Man lore and makes them almost unrecognizable. For no good reason, really. Multiple possible plot twists inspired by the comics could have been implemented, but were overlooked. Say what you will about "contextualizing" the Mandarin, it's not much of a point. The case could be made that since there are many ways to tell the Mandarin's story, why not differ from the comics? While that is true, I didn't find this version was executed in as powerful a way as it could have been. What also doesn't make too much sense is how the villains have their powers, or how powerful they actually are. Usually, villains have defined limits, which are exploited by the hero. Not so in this case.

The Ugly: You'll hear murmurs from people that they didn't like the ending. I can't say much without spoiling it (obviously), other than part of that disappointment comes from all of the problems getting abruptly resolved in ways that underscore their seriousness. Plus, the movie doesn't feature a teaser 1/10 the awesomeness as the previous Iron Man, and The Avengers movies. You could skip out as the credits roll, and only miss an extra chuckle or two. The movie twists and turns throughout, leading the audience to investigate a murder scene here, shoot bad guys there, and experience flashbacks in that place yonder. While it shakes things up, I heard multiple people mumble "Well, it looked cool, but I got lost" as they shuffled out of the theater.

How Iron Man 3 Stacks Up: Iron Man 1 > Iron Man 3 > Iron Man 2

Verdict: Iron Man comic book and movie fans should see it, but it's not all it's been hyped up to be.