Actually going as far back as around 1996,Nicolas Cage was attached to Iron Man for a long time.
He "offically'passed and then Tom Cruises name came up.
I read the script review below at Coronas years ago and it make me drool.
"Just a quick entry. I read that last draft, and man, I really liked it a lot. It has two big sequences that I remember vividly. One is the birth of Iron Man, where Tony Stark gets shot by a smart bullet waiting in his office for him, and then he crawls across the floor to a prototype of his armor, which scoops him up inside of it, and starts operating on him. Cool and creepy. The other is a scene where MODOK takes control of his armor. Tony ends up lying on the floor, immobile, like a guy trapped in a coffin. Tony gets out of it by giving voice commands to his automated lab, and the equipment picks him up and turns him around and around, as if Tony is just an object, slicing and cutting him free. He gives the last voice command to STOP! just as a drill bit screws through his face plate and starts into his cheek. REALLY cool and creepy!
"There are swell villains in there too. Like this guy with eyeballs that he can take out of his sockets. The eyeballs roll all around the building, spying on Stark, while the body of the man sits in a chair, back with the bad guys, and reports on what he is seeing--sort of like a living surveillance system. Then there is this other guy who can fold himself up into a little square shape and hide in a desk drawer. Strange, funny, and cool!
"This script has been dead a long time, as far as I know, because this was way back when Nicolas Cage was planning to be Iron Man, and when the project was still at Fox.
"You know, Iron Man is a pretty dated character, I think. If you take a sci-fi approach, then you've already been there with RoboCop and the Borg. If you take a James Bond approach, well, you've already been there with four decades of dated James Bond. And if you just take a super-hero approach, then you've already been there with Superman and Batman, etc.
"Still, this script was really unique, and richly detailed, and got a lot of us to reconsider what this character was about. I think you can chalk that up to the screenwriter and the original creator of the character working closely together, an event that is all too rare.
"We'll never see this Iron Man [or any Iron Man movie, most likely], but this one was fresh and different, moody and claustrophobic, funny and strange. Would have been interesting to see what might have come out of it, if more drafts could have been done. There is a second draft, but it really wasn't a second draft, as I recall, just a quick pass on the first one that needed to be done before the Fox option lapsed. If this project hadn't been derailed so prematurely by the business problems of two years ago, and by Cage bolting for Superman, who knows? For a brief moment, they were so close to having a real project, closer than anyone ever thought an Iron Man movie could be...."
I would love to see a good Iron Man movie. I think it would really have to focus on the cool SciFi aspects of the character and the duality of Stark(alocholic/millionaire businessman)
If I was a director and could pick any commercial project, it would be Iron Man (or Grendel)