In the CinemaCon presentation, Director Shane Black "dubbed the movie a "technological thriller" and a "crisis movie" set in the world of "international war, arms and terror" saying that they will "put Tony Stark through the wringer" as they explore the trials of being Tony Stark. Although no villain has been revealed for the film, he said the villain will be one that will "frighten in today's world."" (As reported by Superhero Hype),
It has been said that IM3 will be more focused on "Tony Stark", rather than just the armor, and that there will be a metaphoric parallel to the notion of creating the armor in the Cave in IM#1 (I read this somewhere via Robert Downey Jr's quote, but no longer know where I read if from, my apologies). Looks to be like a spy/heist-ish thriller, with mechanical cyborg-armor, of course ;p
"Now, before everyone screams "The Mandarin", it is extremely unlikely that the film's producers would get behind a plot whose central villain was a Chinese character, especially one as flagrantly racist as The Mandarin. Word is that Lau (or whoever finally lands the role) would play a good guy - a Chinese scientist who comes to the aid of his old buddy Tony Stark (Robert Downey, Jr.) by providing him with some new tech that will help him battle Ben Kingsley's villain, but more importantly Aldrich Killian (Guy Pearce) and his Extremis biotechnology." ~reported James Marsh at TwitchFIlmThe actor is question is Singer/Actor ANDY LAU, for the 3rd IRON MAN movie, to be directed by Shane Black with a 3rd of May 2013 release date. It has also been reported that there will be "China" backing for the film financially, and that Iron Man 3 will be shooting on location in China (including Hong Kong and Shanghai).
Frankly, Andy Lau is not exactly a "thespian" in the realms of the silver screen (but then again, when has anyone asked for one in the first place?), but his commercial appeal is undeniable, especially in the Eastern part of the world, and as a foil to the charismatic "Tony Stark" (played by Robert Downey Jr), they would be on the same visual-level of 'good looks' and 'ability' that folks in the East might well crave, visually at the very least. Good call, if the casting ever goes thru tho, IMHO.