Press the white button on his chest, and it lights up and he says various lines, including "I am Iron Man", "repulsor blasts", "target engaged", and "auxiliary power".  This will also light up the palm of his left hand, depending on the line.

Moving his left arm will also activate the light on his palm, as well as firing sounds.

Place one of the three projectiles in his right palm, press the button on the outside of that forearm, and the projectile will fire and the palm of his left hand will again light up and make blasting sounds.

Finally, his left heel is actually a button.  Push it inward (which is going to happen ever time you set him down), and he starts making wooshing flying sounds.  Move him around while he's making these sounds, and additional take off and landing sounds will be heard.  This is the motion activated part of the feature, and it works pretty well.  Kids will enjoy swinging him around, although if he could actually take a decent flying pose (other than holding his hands over his head), it would be a lot better feature.

If the figure doesn't move for 15 seconds or so, the flying sounds shut off.  Of course, since the damn button is his heel, the sounds will get constantly activated if you have the switch in the On position.  That got pretty annoying pretty fast, and I had to leave the sounds/lights off most of the time when I was working with him.