Oh wow, that looked horrible.
It wasn't good. I saw it in the theater when it came out. I was a kid and was introduced through Marvel's comics and magazine adaptations, and read the first paperback in the series.
What seems to have happened, though, is that the studio did a quickie nostalgia cash-in with a campy tone rather than a more faithful adaptation that took the source material seriously. (For example, the musical score was based on John Philip Sousa marches.)
I loves me some Rock, but his tendency to wink at the camera will have to be controlled. Let's have faith in Shane Black, though. I liked "Iron Man 3."