Seems like people liked the first installment of this 'series.' So I'll follow it up with Iron Man 3. Who will the villain be? Here are some options:
#1) The Mandarin
Seems likely, as he has been hinted at since the 1st Iron Man movie came out (10 Rings). However, that was Favreau, not Shane Black, and with Black saying this will be more like a Tom Clancy thriller, maybe Iron Man's nemesis won't be appearing.
#2) Titanium Man
Another armored menace. Could make an appearance if someone discovered Vanko's plans in Russia. Me thinks he is too similar to the Whiplash we saw in IM2.
#3) Crimson Dynamo
There have been many Dynamos in Marvel Comics. An official Russian 'Iron Man' that goes rogue when he sees Iron Man as the world's policeman could be a potential angle. But again, are we done with armored villains?
#4) MODOK/AIM
With HYDRA appearing in Captain America: The First Avenger, perhaps AIM isn't far behind. They have found a way to get Stark weapons, and Iron Man wants to shut them down. MODOK presents a challenge to present on the big screen, and I don't think the yellow AIM suits will make the transition as is either.
#5) Fing Fang Foom
With the doors opening to outer space and other realms, an alien dragon becomes a possibility. I don't think he could stand alone. Perhaps as a compliment to Mandarin.
#6) The Ghost
A spy-like villain bent on destroying what ever business or organization is in his way. He could target Stark Industries in IM3. He once went on a mission to steal vibranium from Wakanda.
#7) Extremis
Another supersoldier serum gone bad. Extremis is the name of the serum, not an actual villain, although it certainly creates more than a few. Its nanotech that acts like a virus and can be used as a weapon. The Iron Man origin from the first movie closely matches the one from this storyline.
What do you think?