If the armor makes him as powerful as Superman he will crush Rhodes in a fight. I think it's pretty obvious Rhodes can't outsmart Lex either, considering that Luthor's one of the great criminal minds of the DCU and Rhodes doesn't even register.
__________________ "Crush your enemies. See them driven before you. Hear the lamentations of the women." - the prophet Mohammed, single-handed inventor of terrorism, pedophilia and moon-god worship
Lex's suit does well against Superman because of specialized weaponry and equipment primarily. I have no doubt his armor gives him around Class 100 strength, but I highly doubt its in the general tier of Superman's.
I've not read a lot of current Rhodey outside of cameos in Fraction's Iron Man run and his Secret Invasion mini, but I don't think this is a massive spite stomp in Lex's favor based on what I do recall.