If we're coming at this from the basis that everything I think Oracle, Black Canary, and Iron Man should be about are my imagined versions of them and everything I don't like about them is their true characters, then I don't think I have anything to say about the characters. Given that yours and Fraction's version of them are representative of their true natures, then with all due respect, they're dreadfully boring characters.
My argument in both cases has been, "They are X type of character, and based off these other characters of X type, they should be doing this," kind of like you compare Spy Smasher to Jack Bauer. If Oracle's not the same kind of genius mastermind as Nathan Ford or Michael Westen...if Iron Man isn't the same kind of arrogant inventor as Rodney McKay or a whole A-Team rolled into one...then I don't think I want to have much interest in them anymore.
I could probably tell you at length why I don't like Fraction's Invincible Iron Man, but based on this thread, what it seems to boil down to is the Iron Man I've perceived reading for ten years is a figment of my imagination. At that point, it's easier to just write the character off as a loss and focus on Star-Lord, Nova, and such characters that are interesting.