As the release date of Iron Man draws near, the press is getting some hints as to what may be in Iron Man's future. In a recent interview with Rotten Tomatoes, director John Favreau hints at some things that indicate he has plans for not one, but two possible sequels to Iron Man. Favreau told Rotten Tomatoes

"he'd definitely be on board if Marvel came knocking. "I've got another two movies in my head; I'm ready to go and I know the cast feels the same way," he said. "Now it's out of the hands of us, of the filmmakers, and it's even out the hands of your readers. I know all the people who have been following this for two years are going to go and see the movie, and maybe they'll see it twice and I'm very grateful for that. If everybody comes out to see the movie and it's successful, then I'm sure Marvel's going to want to do another."

The full article can be read here, but as a warning, it does contain some things that may be considered spoilers.
I personally would be really excited for some Iron Man sequels. I love Iron Man. He isn't my favorite superhero, but he has a certain awesomeness about him that warrants some more films, especially since I think the budget on this one is providing us with some quite ridiculous footage so far. Plus, it might be nice to see some other Iron Man characters like War Machine...or maybe the Hulkbuster suit show up in the future.