Director Jon Favreau has updated his Iron Man production blog with the following tidbits of information:

Gwyneth Paltrow has been cast as Virginia Pepper Potts. I met her on an idie called Mrs. Parker and the Vicious Circle many years ago. We begin filming in eight weeks.

Stan Winston is working on the suit. Sets are being built. Fergus and Ostby(Children of Men) are working on the script. Matty Libatique is shooting it. Everything is really coming together.

The film stars Robert Downey Jr., Terrence Howard, Gwyneth Paltrow and will be released on May 2nd, 2008.

Based on the long-running Marvel comic book series, Iron Man tells the story of Tony Stark, the enigmatic heir to the Stark Enterprises fortune. A driven inventor and executive who seems to have it all, Tony is haunted by his dark side. Though he commands his empire by day, by night he secretly becomes Iron Man, the living embodiment of decades of defense spending and innovation. Strapping on billions of dollars worth of state-of-the-art armor and weaponry each night to fight crime, terrorism and corporate espionage, Tony begins to crack under the strain of his fractured lifestyle and must ultimately confront the one enemy he can never beat -- himself.