The Escapist has the Scoop
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If you think the Iron Patriot armor looks like a mash-up of Iron Man and Captain America, you're not wrong. The suit was "designed" by Norman Osborn, AKA the Green Goblin, who, after being installed as the head of the government-sanctioned post-"Civil War" Avengers by the forgiving magic of comic books, decided that the best way to earn the trust and love of the public was to slap it in the face with a big dose of heavy-handed symbolism. So he grabbed an old Iron Man suit out of Tony Stark's closet, painted it up in the Cap's colors and put it on in the name of truth, justice and all that other good stuff.
Alas, the Normster won't be wearing this thing in Iron Man 3, but it's going to show up in the movie nonetheless. The man behind the mask will actually be Eric Savin, as played by James Badge Dale, who in the comics becomes a cyborg (presumably a bad one) called Coldblood after stepping on a land mine.
So why is he strapping on the Iron Patriot armor in Iron Man 3, and not ol' Greenie? Chalk that up to the Spider-Man schism between Marvel and Sony. Sony still owns the film rights to Spider-Man, and by extension Norman Osborn, and while death is never much of a stumbling block for Marvel Comics characters, licensing rights most definitely are. So Norm is out, Coldblood is in - sort of - and we can all look forward to yet another armored argy-bargy on the big screen.
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So, Iron Man 3 seems to be picking up right after the Avengers with the Aftermath of that. And So far at least, it seems they are taking a small leap over the Civil War storyline and picking up on a subplot from Iron Man 2, mainly the War Machine story.
Since that didn't play out in the Avengers, and during that was made pretty clear that the Government doesn't trust the Avengers yet...
and wouldn't you know... the Design for the Iron Patriot seems a streamlined version of War Machine's suit
We also know that the Mandarin is in this movie, so it's a double villain affair... , makes me wonder to what direction they are trying to lead the Marvel Movie Unniverse with this, but looks good so far!