I own it for the 360 and the story is the only reason to play it. Graphics are PS2 quality, and not even the best the PS2 can do. Visually you'd expect this to have come out sometime in 2002. Controls are almost the same as last time, but they have tweeked it a bit, removing the faulty counter system of last game (catching incoming missles and throwing them) to a much better repulser shield system. Close combat has improved, but flying is still pretty bad though, in fact it's a little worse this time around.
There are many more suits and you can customize every single fricken part as opposed to just some in the previous game, which should be fun, but for some reason it looks like it'll prove to be more tedious unless you were a huge RPG or Armored Core fan prior who loves that kind of stuff. However if you're a 12 year old who wants to be Iron Man after watching the film, (or in my case a 20 year old who wants to be Iron Man after watching the film) it's much more trouble then it's worth.
The levels aren't that difficult (but hey what do you expect it's a movie game) and you can switch in between Stark and Rhodes before each mission which is much better then being forced to use one because the story dictates it. It's not a good game, in fact it's kinda bad, but it's not necessarily unplayable either.