We've known for a few weeks now that Shane Black would be directing Iron Man 3, but the question had remained if Black--better known for his action-comedy screenwriting than his directing prowess--would be doing the script, and if said script would involve two guys in iron suits clanging each other up real good. Well, at the Omaha Film Festival this weekend, Black was a panelist, and he reportedly answered these very questions and more.
Firstly, according to this AICN report, yes, he's writing--yay!--and Robert Downey Jr. will be helping with the story. So expect all the wit and excitement you usually get from Black, plus whatever you think RDJ would most likely contribute. Jail anecdotes, drug stories, Chaplin remembrances, etc.
Second, Iron Man 3 will not involve "two men in iron suits fighting each other." And from the sounds of it, it also won't involve a man in an iron suit fighting a giant Chinese dragon guy, so sorry to anyone hoping for a Fin Fang Foom film. Instead, Black said, the film will be more real-world--except, you know, with a rich guy in a super-powered mechanical suit--and more in the vein of a Tom Clancy thriller. This movie's X-Box game is going to be so good, man.
As far as how these real-world villains will connect to The Avengers and the worlds of Thor and Captain America, they apparently won't. As expected, his film won't come together until after Joss Whedon's Avengers, and Marvel reportedly plans to return to only single-character, self-contained stories after the release of that film--which I guess is something they thought would be fun to say until they inevitably announce The Avengers 2 and a Hulk/Thor road comedy.
Anyway, so that's where we are with that. And, on an unrelated note, I'm on partial vacation this week, so apologies for any and all exceptional shoddiness.