I was quite looking forward to this one. I loved 'The Matrix', have the DVD and watched it many times - for enjoyment, not because I can't figure it out of course. Well, or both.
Matrix Reloaded was quited hyped but unfortunately fails to deliver, in fact I left the cinema quite disappointed, thinking the story was really bad and served only to connect the different action sequences. Some of them were damnd good and impressive however, especially Neo fighting Agents Smith and Smith and Smith and ... and the long car chase. Pretty cool.
Besides that I had the impression that I had seen most of the things, even technically there wasn't anything really new. Bullet-time was new and exiting when Matrix came out, now we have seen it many times (in other movies) and IMHO it's just 'boring' in a way, kind of like those John Woo slow-mos which were copied and repeated over and over.
I won't get into more details here but if you don't want to see the film or you actually hate Matrix you can have a look at that other thread I will post. It will contain major spoilers though.
Besides that I thought the opening sequence was too long and one particular scene didn't suit the movie at all (was a bit cheesy if you ask me and similar to Blade) I also found that some of the CGI was a bit poor, like what we saw in SW E2 (the background / looks of Zion mainly).
The twins were pretty cool but other new characters were just irritating or annoying, made me wonder what purpose they actually served.
I left the cinema with a feeling that Matrix Revolutions has to be much better for Matrix Reloaded to find it's way into my DVD collection to complete the triology - but if Matrix Revolutions does not deliver it will be like Highlander: there can be only one.
Conclusion: only recommended for fans of The Matrix. Others should stay well clear of it.
* * * (3) out of 5
PS: In case you haven't read my review of X2 but in comparision I would say X2 was the better movie and a better sequel, too.
Just seen @ the cinema: X2