I didn't think the second was that bad, but it definitely didn't have the magic of the first.
Third was one of the worst movies I have ever watched. I actually nodded off for a few moments near the end. I went to that worldwide premiere with a few friends in Australia and it was at 1 in the morning. Fun idea, too bad the movie sucked.
One of the big successes of the Matrix in general though, was how vibrant and full the 'universe' was. The Animatrix for instance was very interesting and really rounded out the mythology. The PS2 game that ran alongside the second movie and actually had new clips from the movie was also very good.
If this is done right, it could be very very good. There is a lot they could work with. If they take the approach of the third movie though, it will be a steaming pile.
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