Jon Favreau confirmed that Iron Man will indeed have a Red and Gold suit not just the prototype suit pictured below. Quote from his Myspace:
I just got back in town. The company has been on the road for many weeks. We started off in the mountains of Lone Pine which doubled for Afghanistan. We then moved to Edwards Air Force Base. We finally closed out the out of town work with Fontana, CA.
Let me confirm a few things: The movie will contain both the gray suit and the gold and red. The light you see in the photo on Robert's chest in the USA Today article is the chest piece glowing through his shirt. He is in captivity and forging the mask of the Mark 1. Both suits have been built practically by Winston Studios and are busily at work as we speak. We are exploring ideas for teaser trailers, though no date has been decided. We are planning to attend San Diego Comicon. Bridges is bald and plays Stane. The movie is on schedule and could not be going better.
The earlier pic below looks like an early prototype of the familiar red and gold armour we'll no doubt see throughout the film.
It does look quite a bit like the original armour from Iron Man's comic book debut in Tales of Suspense #39.
IRON MAN is scheduled to be released in 2008.
