In 1979, Iron Man belonged to a duo which has gone down in legend and is still believed by some to be the definitive team on the title, and which would take it into the eighties: David Michelinie and Bob Layton.
Under their tutelage, Tony Stark became a more James Bond-esque character (there was even some quirky humor), a man of action both in his armor and outside of it. He was more or less constantly under attack, at home, abroad or in outer space - but fortunately, he wasn't alone, as he got a cast of new supporting characters, some as dynamic as himself: James Rhodes, Bethany Cabe and Scott Lang.
He'd need their help, too, as he was up against the machinations of both Madame Masque, who had turned to the dark side completely, and Justin Hammer - a new character, and one of Iron Man's most effective and enduring nemeses. There was certainly something of the Bond villain about him - smug, gaunt and gleefully evil, he would have incredibly ostentatious headquarters - floating mansions and gigantic submarines. Hammer never engaged in physical confrontation himself; instead, he employed an army of supervillains to support his evil schemes, while financing their equipment and legal bills when necessary. He managed even to take remote control of Iron Man's armor, framing him for the murder of a man who obstructed his plans. Another opponent was ROXXON, basically an international criminal organization posing as a company - or the other way around. They secretly constructed a gigantic orbiting solar power plant, but when one of its microwave energy transfers went awry, killing an entire midwestern town, Iron Man found himself battling the station's guardian - the awesome, yet tragic Sunturion. Even SHIELD, the secret peacekeeping organization, was trying to take control of Stark Industries by buying up its stock.
Besides these grand schemers, Iron Man also had to face the revenge of the Titanium Man, the manic Endotherm and the Living Laser, as well as none other than the incredible Hulk. Coming to Stark for help, Bruce Banner had a heartbeat-controlling device installed, which would control his emotional state, so he would not transform into his raging counterpart again. Unfortunately, the nuclear micro-battery of the device went haywire due to Banner's radioactive metabolism, causing his heartbeat to rise instead - unleashing a more furious Hulk than ever. In the end, Tony Stark managed to knock out the rampaging Hulk, by funnelling all of his suit's power into a single punch - burning out his armor in the process.
Apart from these formidable opponents, Michelinie came up with one more enemy for Tony Stark to face, one which was destined to haunt him the rest of his days... From the start of his run, Dave had sown seeds, little remarks here and there on how Tony was drinking maybe a little more than he should. After the first attack by Hammer - which ended with the hero disgraced because, although he was exonerated from the murder, it was still his power which had killed an innocent man - Tony was under great stress. He responded to this by getting drunk; and then Bethany Cabe confronted him about it, explaining how she lost her husband Alex to drugs, and didn't want to watch alcohol do the same to him. In the end, finally recognizing he had a problem, he asked her for help, and after a great struggle, Tony Stark turned his back on booze.
This was laid down in the famous issue "Demon in a bottle". The thing is, while Michelinie and Layton did not intend to make a statement, and meant for the alcohol to be the 'villain of the story', it has sort of taken on a life of his own. And not always for the best.
Another legendary story in the first Dave and Bob run was Iron Man's battle with Doctor Doom, transported back in time to the days of King Arthur. Doom allied himself with the villainous Morgana le Fay (he still has a transtemporal relationship with her to this day), and headed an army of the living dead to meet on the battlefield with Iron Man and the Knights of the Round Table.
The very focused and together tone of the run - of a little over three years - made it probably the very best one until then ands well as one of the best on 'Iron Man' of all time. However, all good things must come to an end, and this one was about to give way to another legendary run - although one which is less universally lauded.