War Machine from the Iron Man universe
Terrence Howard (who played James "Rhodey" Rhodes in Iron Man) was overheard on the radio this morning stating that not only would the alternative Iron Man armor known as War Machine be appearing in Iron Man 2, but that it would also be written into the script for the third film and there was a good chance that the character would get a spin-off movie franchise after the third Iron Man movie.
This information is thin at best and comes from a radio appearance by Terrence Howard on the Morning Show on station WWPR-FM (Power 105.1) in New York City.
Here's the audio file with the interview, thanks to the fine folks at WWPR:
Terrence Howard War Machine clip
Of course the appearance of War Machine in an upcoming movie was hinted at in the last film when Rhode glanced at the Mark II silver armor and says "Next time, baby."
Having spoken with director Jon Favreau, I know that if he returns to make another one or two Iron Man movies he fully intends to introduce the silver armor.
For those of you unfamiliar with the armor/character, War Machine is a suit of high tech armor which is bristling with weapons. It's sort of the Punisher version of the standard Iron Man armor, replete with missle launchers, machine guns and other assorted weaponry. It was worn by James Rhodes in the comic book for a while and was designed for all out warfare. Click here for full technical specs on the War Machine armor.
Will War Machine appear in both upcoming Iron Man films? Possibly. But in it's own spin-off series? At this point I'd say it's not very likely unless the character becomes wildly popular.
Marvel has a pretty full slate of movies in the pipeline as it is.