Ok, here are some of my thoughts on the sequel.
Review: I came out with a big grin on my face. Sure, it didn't have the impact of the first one, but it really made me think again. The whole concept of the Matrix, with the 'exile' programs running free, and the illusion of choice in the Matrix is very intriguing. The fact that Neo, Morpheus and co have to put some trust in these programs brings up the dilemma of whose on whose side, and how many sides there are. And it's left me hanging out for the final chapter, with so many unanswered questions.
Some people are complaining that Neo's powers are not as great, especially the review at Ain't It Cool. They seem to forget the few times in the movie where 'encryption' is mentioned about the Matrix. The Machines are making it harder for Neo to affect the programs inside the Matrix, such as the Agents, and so he has to resort to the kung-fu fighting. It can also be seen when he goes to see the Oracle, and her attendant hs the golden aura when Neo first sees him.
Agent Smith definitely appears to be an important character, and a scene stealer too, just like in the original. There seem to be more questions than answers about his abilities in the Matrix, and exactly how he can exist outside the Matrix, but I'm sure the Wachowski's have got the answers for Revolutions. I think he was exiled because he was freed from control by the Matrix and changed his program code when Neo destroys him at the end of the first movie. He changes his plan to destroy Neo by spreading himself like a virus, but that isn't really that successful. That preview of Revolutions with the Smith and Neo scene looked awesome!!!!
And the Architect. Man, that was seriously deep. Version 6! I like someone's theory that the councillors are the 12 from the resettlement of Zion, but the Architect actually says that the past five 'anomalies' actually refused to go to the Source after meeting the Architect, like Neo did. The Councillor that was talking to Neo in Zion, and went to the Engineering sector with him to show the Machines and explain control, I suspect there is more to him than meets the eye. Talking about how the humans are reliant on machines, how we have control over them, and comparing it to what is known about the Machines is a cool idea. It also shows why the Machines look for answers to why some reject the Matrix, in the form of the anomaly and his code.
Honesty, I think this movie is going to send me crazy until Revolutions.