Although the movie was enjoyable to look at, it really falls apart upon further inspection in ways that didn't effect the original Matrix. Warning, minor spoilers ahead.
1. After the first fight scene, you learn that basically nobody ever really gets hurt, and certainly nobody dies. When then was so much of the film footage spent on watching seemingly pointless fight footage?
2. If Neo was able to mostly kill Agent Smith at the end of the first film, why is he completely unable to even hurt him in this film? If Neo is so powerful, why is it that he martial arts skills have apparently no effect on any his matrix-dwelling foes?
3. Instead of dropping hints regarding the philosophical twists throughout the movie, why did they resort to a single, extended expository scene to try to explain everything? The first Matrix film was terriffic for it's incremental ability to peel back the layers gradually, pulling you along. In this film, you get fight, fight, fight, talk about the nature of the matrix, fight, end.
4. The Zion speech and rave scenes were quite lame. Lawrence Fishburne does not make for an effective rally speaker, and the content of his speech seemed contrived in some unnatural way.
Of the trailers that appeared before the film (Terminator 3, 2 Fast 2 Furious, Finding Nemo, Freddy vs. Jason, and League of Extraordinary Gentlemen), only Finding Nemo really got me interested. Oh well. We still have The Return of the King to look forward to.