Damn yeah, that looks really smooth !
Although, for a build like the iron patriot, I don't think you loose much (if any) details by doing it in foam. Plus it's cheaper, less time consuming and less toxic, very light and flexible. In the other hand it is less durable and it's harder (but not impossible) to get a smooth finish.
Personally I am going with a mix of the two : fiberglass inside the foam for durability, and multiple layers of PVA, plastidip, adhesion promoter and paint plus some kind of flexible polyester putty to fill gaps and imperfections. I'm also very careful when cutting and glueing the foam to avoid seems as much as possible. Basically I'm mixing Docholiday's and Indiefilmgeek's painting methods with Quovadis' idea of reinforcing the foam with fiberglass. Thanks to all of them for sharing these techniques by the way.
Look what I got in the mail today :
I started applying resin in my gloves, and building the forearm. Next I'll fiberglass the rest of the arm and shoulder to test paint and apply the decals ! That's all I can at the moment do since the forearm took what was left of my foam.
And another advantage of the ikea tubing : spray some clear adhesion promoter, then duplicolor anodized red and tadaaa ! That's exactly what I was aiming for.
It doesn't show well, but it has a really beautiful metallic shine, like a captain america shield.