Iron Man Armor Mark II (Earth-6531)

"That's the coolest thing I've ever seen. Not bad, huh?"

- - James Rhodes and Tony Stark

The Mark II Armor is Tony Stark's second Iron Man armor, largely revamped from the rudimentary, bulky design of the Mark I Armor, which gave origin to a more articulated and sleek design.

Capabilities
The Mark II armor was a complete revamp of the base principle and technology of the rudimentary Mark I Armor, using improved resources and new technology that Tony Stark developed specifically for the suit. The original bulky design was considerably streamlined, giving the Mark II a sleek, more human-like appearance. In addition to the more articulated design, this suit also integrated a new user interface system based on Stark's J.A.R.V.I.S. AI. The Mark II carried over the enhanced physical capabilities of the Mark I suit and enhanced them considerably, granting superhuman level strength, near bullet-proof durability, and enhanced movement speed and reflexes.

The greatest advancement for the Mark II armor was its vastly improved flight capabilities, now capable of sustained flight for long periods of time. This was made possible through Oliver's development of sustained flight thruster boots and hand based repulsor gauntlets for flight stability, all derived from and powered by his newly miniaturized arc reactor. The suit also possessed variable control surfaces for active flight control and maneuverability.

However, the Mark II appeared to lack any real form of weapons system, not yet possessing any of the Stark developed weapons that would later be integrated into future model of the armor. While its repulsors possessed an adequate amount of strength, they were developed solely for flight and not yet calibrated to be used specifically as weapons. They are still capable of firing repulsor blasts to a certain degree though.

It was discovered that the greatest weaknesses of the Mark II was its high altitude icing problem. Because the suit was still in the experimental stages, it was made of materials not tested for higher altitudes. Thus, when it was exposed to the thin, cold air of the upper atmosphere, a sizable layer of ice would form over its surface, immobilizing the suit and causing a complete system shut-down, proving nearly fatal for the user. Due to this, the Mark II was retired to make room for the Mark III, which was made out of materials specifically made for interstellar exploration.

Source

 * http://marvelcinematicuniverse.wikia.com/wiki/Iron_Man_Armor:_Mark_II#Capabilities