Favreau, while doing an interview on KROQ's Kevin and Bean show (which was picked up by ComicBookMovie.com), pretty much squashed all rumors of a Tony Stark appearance when he told the hosts, "He's not in Thor, he's not in Cap which are the two movies for next summer. It'll be very interesting to see how the Marvel Universe branches off. All of these movies are going to be taken into account for The Avengers in two years."
This would seemingly put speculation to rest once and for all. Fans seemed certain that Iron Man would cameo in Thor after Robert Downey Jr. visited the set of Kenneth Branagh's film earlier this year. Apparently that was just a social visit, since Favreau says Stark won't be back onscreen until The Avengers movie in 2012. "I'm not sure where The Avengers goes. There is no shooting draft written yet. It's gonna be a big undertaking for Marvel to actually incorporate what happened in Iron Man, Iron Man 2, Thor, Captain America, The Hulk. All that has to inform one unified vision in The Avengers. It's a very exciting prospect. And certainly, Tony Stark is not going to be involved in any of the movies until that one."
So, if Iron Man is out, who do you think we get to see make cameos in Thor and Captain America? I'm all for seeing more of Sam Jackson as Nick Fury, but let's hope Marvel has something more than that up their sleeve.