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It’s the first film from Marvel Studios since the comic book company decided to financially support its own projects. It boasts a hero who lacks the widespread recognition enjoyed by Superman and Spidey, a director best-known for his acting work and a star famous for his battle with addiction.

And yet, if the new Indy, Batman and Hulk flicks have half the wit and energy of “Iron Man,” filmgoers will be in for a wild ride coming up. Director Jon Favreau and star Robert Downey Jr. kick 2008’s summer movie season into gear with a comic book adaptation that hones genre staples to utter perfection. They don’t reinvent the wheel; they simply show how enjoyable a superhero movie can be when it runs like a well-oiled machine.

While many movie stars consider comic book movies an easy way to make a paycheck, Downey totally throws himself into the character of Tony Stark and creates one of the best roles of his career. Stark is a billionaire and the world’s leading weapons manufacturer. Where most films would present their hero as a naive do-gooder, Downey presents Stark as a womanizing, hard-drinking playboy who, in the opening scenes, shirks off an awards ceremony to gamble, gives said award to a casino usher and beds a Vanity Fair reporter (Leslie Bibb). Clark Kent, he’s not.

During a stop in Afghanistan to unveil his latest missile, Stark is kidnapped by terrorists and forced to assemble weapons for them; he also learns that the materials he’s developed to keep America safe have actually ended up in the hands of the enemies. Stark designs an electromagnet to keep shrapnel from entering his heart (it is a comic book movie, after all) and then utilizes that technology to build a giant, flame-throwing, bullet-spewing suit of metal to aid in his escape. Upon returning home, Stark refines the technology, builds in some rocket boosters and becomes a one-man war machine.

I have never read an issue of the comic books on which “Iron Man” is based, but the excited murmurs of obvious fans in the screening I was at tell me that there are enough inside nods to the series to please even the most critical fan boy. Even I was able to pick up on the nod to the Marvel government agency S.H.I.E.L.D. and a brief shot foretelling a future development in the series had a fans cheering.

Despite my unfamiliarity with the source material, “Iron Man” still managed to be one of the most enjoyable pieces of pop entertainment Hollywood has unleashed in a long time. Favreau, a long-time fan of the series, proved himself as a master of fantastical tones with the family film “Elf” and here he completely immerses himself in the Marvel atmosphere. He manages to mix the epic feel and larger-than-life characters of comics in a way that never feels cheesy. The film has a sense of humor to it that never once winks or looks down at the original material. Favreau, Downey and the rest of the gang treat the material lovingly but never too reverently, having fun with the plot and characters but always remaining true to the gee-whiz wonder of the comic books.

Downey has been on a roll ever since his work in 2005’s “Kiss Kiss Bang Bang” and his work in last year’s “Zodiac” was worthy of an Oscar nomination. But here, playing a character who has many of the same personal demons as the actor, Downey has found the role for which he will be remembered. He brings his trademark snark to the role but also gives Stark a strong moral dilemma as he vows to undo the horrors he’s contributed to. By the end of the film we’ve witnessed a true hero in the making and the joy of this origin story is how much the creation of the superhero involves personal change as well as fancy toys.

The supporting cast also brings its A-game. Jeff Bridges, with shaved head and bushy beard, goes toe-to-toe with Downey as Obadiah Stane, Stark’s longtime friend who may have a sinister underside. Bridges takes a cliched role, the friend who becomes a villain, and turns it into an even-handed performance that never goes over-the-top until the film’s final act. As Stark’s assistant and unrequited love, Pepper Potts, Gwyneth Paltrow brings class, wit and chemistry that elevates her character well-above traditional damsel-in-distress status. Terrence Howard’s work as Stark’s best friend is more minimal, but Howard brings enough grace and charisma to the table to make it memorable.

I realize that I’ve gone this far and haven’t mentioned the action sequences. That is not out of any criticism, but simply because I find it rare that a superhero movie works so well when its hero is out of costume. The personal relationships and complex histories, that fans know will eventually spill over into the inevitable sequels, are the things that made “Spider-man” and “Batman Begins” so memorable, and I think they’re the reason that “Iron Man” will be the next big superhero franchise.

And yet, those action sequences are also plentiful and exciting. Stark’s escape from the terrorist camp is a brutal, theater-shaking barrage of explosions and gunfights and a chase between Iron Man and two fighter jets is one of the most giddily perfect action sequences in memory. Only the climactic battle between Iron Man and his nemesis falls a tad flat, only because it’s over too quickly. But even then, the cast and crew right themselves quickly and deliver a witty coda that had the audience in cheers.

Iron Man the character may not have the culture impact of some of the classic superheroes. Yet “Iron Man” the movie deserves to stand tall alongside “Batman Begins,” “X2,” “Spider-man 2” and “Superman Returns” as one of the best comic book adaptations ever put on film. Grade: A-