I cannot imagine any major studio, especially Disney, releasing a movie in 2013 with a villain named "Mandarin." In any event, Shane Black is on the record as believing The Mandarin to be a racist caricature.
It will only be racist if that is how the writers decide to depict the character. The writers can modernize the character while keeping some elements like the rings and being a leader of a terrorist organization. They don't even need to call him Mandarin. Just call him Gene Khan. Problem solved. Vanko wasn't called Whiplash even once in the second movie.
I think it will be very disappointing if we never get the Robert Downey Jr version of Iron Man going up against his archenemy the Mandarin even once from the comics. IM3 is looking more like it is going to be RDJ's last IM movie.
I'm still annoyed we never got to see the Tobey Maguire Spider-Man go up against the Lizard which was being built up from the second movie. Instead we got that crappy Spider-Man 3.