Iron Heroes is good, but it has a number of balance issues of its own, due to a lack of play-testing. I feel like those issues should have been able to have been overcome, but I haven't seen good fixes (e.g. making the Armiger suck less).
On the whole, I really like the feel of Iron Heroes. Same goes for Midnight. I just don't really feel like trying to update Midnight/IH to PF... If someone else were to do it, on the other hand ;)
Have you tried the Revised edition Firey Dragon released? It corrected the horrific Armiger (practically a rebuild) and cleared up several other problems.
I also homebrewed one thing for Iron Heroes; replacing all the pools with one generic pool point that had 5+1/2 class level in generic points.