As a sequel to the Matrix, it didn't live up to the original, not by far.

It has become pretentious instead of interesting, and the gradually developing user-friendly philosophical approach of the first Matrix has made way for straightforward philosophical speeches (e.g. from Morpheus, the Merovingian and the Architect) that could have come from my lecturer. It's a good thing I'm a bit of a nerd and appreciate the references, but the philosophical presentation was not entertaining.

However, purely as a visual action spectacle it is incredible. The highway chase is incredible, the visual style is beautiful, the costumes are great, the fighting scenes are amazing (except for the 1 against 100 cgi fight). Also the new characters are interesting, as long as they're not having philosophical monologues.

Basically: as a standalone action movie with a standard lousy story, it is an amazing visual feast and serves as a great popcorn flick!