Variety is reporting that the film rights to Iron Man have reverted from New Line back to Marvel, and the company is starting the development process over from scratch. New Line had announced last year that Nick Cassavetes would direct (see 'Iron Man Gets Director'), but that deal never materialized. At least two scripts have been written and abandoned.
Marvel is considering a range of options, including doing the new film itself, or licensing the property to another studio. Regardless, it seems like it will now be a long time before Iron Man hits the screen.