We can all rest easy now; Marvel Studios put out an offer to Jon Favreau to direct Iron Man 2, and it's a higher salary than he received on Iron Man.
There were some strong indications that Favs might have been out on directing Iron Man 2, especially a story run by IESB.net (via Ain't It Cool News). But Deadline Hollywood Daily has squashed the rumor and we'll be seeing Iron Man 2 by 2010.
However, Favs himself has expressed concern about the April 30, 2010 release date. Especially since a script hasn't been written. Spider-Man 2 came out two years and a couple of months after the first one, and it rocked the house. However, The Dark Knight is coming out three years after Batman Begins, and that seems to make a little more sense. Even X2 came out three years after X-Men.
And of course, Vic predicted this a month ago.
Source: Deadline Hollywood Daily