“In theory, Iron Man 3 is going to be a sequel or continuation of Thor, Hulk, Captain America and Avengers. This whole world… I have no idea what it is. I don’t think they do either, from conversations I’ve had with those guys [the execs at Universal and Marvel].”
Director Jon Favreau
I doubt it will be a real direct sequel since Iron man 3’s villain is supposed to be the Mandarin, but I guess Iron Man 3 will be peppered with references to events from the films Favreau mentioned.