Serious.

No lie.

I read it over at JoBlo, and then checked out the actual LA Times article they quote.

I just talked to Jon Favreau a bit ago, and he said that while there hasn’t been an formal announcement on the sequel to “Iron Man,” he’s begun developing it. “We’re working on it now,” he said, “which hasn’t been officially announced. It will be released in 2010.”

The rest of the article is an interesting read, too.  Favreau is working with Schwarzenegger to get tax incentive credits in California so he can shoot Iron Man 2 at home.