Visally, the movie is stunning. Everything from costume design to special effects was set up to make the viewer gasp. They did one nifty thing by contrasting an earthy, low-tech vision of Zion with a clean pre-fab world of the Matrix. Although the cathedral scenes in Zion seemed to me to be merely an excuse to breasts and torsos. And the fight scenes generally bounced around too quickly to really make them too interesting.
Plot-wise, the movie is actually pretty interesting. Neo now has a chance to bring down the matrix for good. But the Matrix is attacking Zion as well. Who will win? Yep. You knew there was a reason they already filmed the 3rd sequel, cause you don't find out who wins. There's a few things about the computer generated world I never understood, but it's easy enough to overlook them in the story. As I've never found anyone who has as hard a time at suspending disbelief, if I can do it for this, so can you.
There's less character development in this movie. The only character who I found the least bit intrigueing is agent Smith. The director tantalizes you with him.
The movie has a theme as well. A moral, if you will. The first Matrix asked the question,
What is perception? What is real? Okay, questions. This movie focusses on the perception of control. Free-will, in other words. Cause and effect. Choice. Yep, I'm beating you about the head with this a little, but not as much as the Matrtix Reloaded will when you see it. It's a high-minded question as told to low-minded audiences. At least that seems to be the intent of the producers, as there's no subtlety in its presentation at all.
Not as good as the first, but worth seeing.