I liked it.
It wasn't as good as the first Matrix, but it was very worthy as a sequel to it. (Which I don't think the second one was. The second one, at best, I feel should count as 'supplementary material', like The Animatrix).
You won't find much criticism of the various story elements of Movie #3 here, because, well, I honestly liked all of it. At the risk of repeating myself, I feel that this should have been the sequel to a 2-movie series.
A key thing I liked about this one versus the second one, was that they moved Neo out of "god" status, and back to "struggling protagonist hero". I don't think any of the scenes inside of the Matrix from the second one made any sense, if Neo was present. I mean, if Neo is fucking 'Q', and nobody else is, what's the point? The entire Burly Brawl was pointless.
Perhaps it could have been made better if Agent Smith had the same "stop bullets / god level" powers as Neo, and it had been made clear that Smith's presence cancelled out Neo's Q-continuum powers ... THEN the Burly Brawl scene / etc would have made sense.
- I wished they had done a little more with the Train Station in the third movie. They obviously had "mini Matrixes" [the "I know Kung Fu!" dojo, the "Guns, lots of them" blank rooms, etc] in the first one, but the idea of one that existed solely spiritually, that Programs could use to escape, and that Neo [and other break-out-of-the-pod types, perhaps?] could get to, was neat. I was expecting him to lure Smith there during the final fight scene, since Smith had 0wn3d the whole Matrix, so that he was reduced to fighting mano-a-mano.
- A lot of the Internet stuff was dropped. The first film had Neo as a brilliant computer hacker, they NEVER touched on that stuff in the second or the third. It would have been nice to see Neo sit down at one of thes consoles in the ship (where Dozer / etc worked) and start pulling off some hacks to achieve ends in the Matrix world ... [to fight Smith?]
- They got rid of Morpheus and the others' powers and mystery way too thoroughly after the first film ended. I liked it when Morpheus was knowledgeable, mysterious, and powerful, not some sycophantic "Believer" figure ...