For the longest time, Marvel had confirmed two things that could easily be put together: Michael Keaton was in the movie and the movie's villain was Vulture. Marvel president Kevin Feige finally put us out of our misery by casually confirming that Keaton would be playing the character.
Image: Spider-Man: Homecoming concept art by Ryan Meinerding
This has been the rumour literally since before Keaton was even cast — when it looked like the deal wouldn't close. Marvel even showed concept art of the Vulture at San Diego Comic Con, and yet still didn't just say this. So it took an interview with the Toronto Sun for Feige to officially confirm it. Obviously, he did it as if we all knew (because we all knew):
We've had a wish list and most of them in the near-term are coming together. Cate Blanchett is playing Hela in Thor: Ragnarok. Michael Keaton's Vulture in Spider-Man is something. And of course, finally, we're showcasing Josh Brolin's Thanos (in Avengers: Infinity War). We're looking forward to that very much.
So at least that's no longer a frustrating detail. He'll be a villain alongside the Tinkerer, a C-list Spidey villain also confirmed to be in the movie.
Assuming they go with the Adrian Toomes version of the Vulture — the original — the villain is an electronics engineer who builds himself a flying rig that also gave him superhero strength. His turn to crime comes when he's cheated by a business partner and couldn't fight him in court. So, naturally, he decides that crime pays.
That sounds like a perfectly serviceable backstory for Spider-Man: Homecoming to work with. And it will provide Keaton a chance to show a range from "sadsack genius" to "criminal mastermind". Can't wait to see how they adapt it.