Ok, so Jeff Bridges won't be playing Happy Hogan or even Sal Kennedy (thanks goodness!) but a character from the Layton/Michelinie era: Obadiah Stane! From reports he's sporting a shaved head and a silver/grey goatee.
Will we be seeing the Iron Monger armor? That's the armor that Stane built from stolen Stark Technology when he took over the company. I certainly hope so, as that would give us an armored villain for Iron Man to go up against and would most likely mean that they're not pursuing the "Tony Stark vs. his father" storyline.
Sources: Superherohype.com, IGN.com, IESB.net