I don't know that if I wrote a Thor vs Iron Man scene that it would be exactly the same as the movie's, but I thought the movie's scene was true to the capabilities of the characters.
Given that neither was trying to kill or seriously hurt the other, it was more of a sparring session. Had Thor been trying to finish Iron Man, my feeling is the fight would not last long. As it was, it was fun seeing them duke it out. Thor vs. Hulk would have been far more entertaining had they let it continue in the movie. If I remember the comic right, the only real way to beat the Hulk is to calm him down, so Thor probably would have ended up losing a straight up slug-fest.
It's probably also why Loki couldn't Charm Person (or whatever) Tony, interference from the reactor (again hinted at the little "tink" sound when Loki tried to charm Stark)
So. . .the Iron Man suit is based on an Earth knock-off of Asgardian technology.
I mean, I know that the Avengers has kinda always been like that, but its a little hard to make challenges for such a diverse team seem challenging for the first group without being completely overwhelming for the second, or challenging for the second without being a complete cakewalk for the first.

(Dungeons & Dragons)
Rulebook featuring "high magic" options, including a host of new spells.