Overall, I'd put it close to Batman Begins, but not quite surpassing it.
In terms of acting, I think Downey was way more perfect for his role than Bale. Bale was solid, Downey was just ideal.
My only real complaint with the Iron Man flick (and it was pretty much unavoidable) was that there wasn't a whole ton of action to it. It revolves very much around his development of the armor for a solid 80% of the movie, and the other 20% actually had him using it. Again, you have to show how and why he creates the armor, so it had to be done.
I think the second movie has tremendous potential to be even more enjoyable than the first if it's primarily revolved around Tony kicking ass for most of it. I'll have to see how The Dark Knight plays out (I'm guessing magnificently) but Iron Man 2 definitely has all the pieces in place to be one of the best sequels to any movie in quite some time.
The dedication you show to any particular console or company is inversely proportional to the number of times you have gotten laid. If you get laid enough, even if you prefer a certain brand, you just don't give enough of a shit to argue about it on the internet.
