(Vague spoilers ahead.)
Agree with @
gandalf26, the fight scenes were incredibly lackluster. Just a handful of noteworthy/memorable moves the whole movie.
The story was an absolute mess. It's almost never clear why people are fighting/what they want. And their single best idea--the swarm--is only really used once near the end. Coolest moment in the whole film, and should've been the centerpiece, the "agent replacement" in the way each new Terminator film has some new ability they (at least try to) explore.
The Matrix is a classic for lots of reasons, but the stark simplicity of people's motivations, and the clear setting of stakes and goals for every conflict, is probably the most important of them, and that's almost entirely missing here. And since 90% of the fights are standard "my arm blocks your arm and then one of us tries to kick" that you might see in any CW DC show on a Tuesday, there's just not a lot to redeem the film.
I'm not sure they even explained what the current state of affairs between humans and machines are! And there's some
great stuff just sitting there. Like maybe it's an uneasy truce, where humans have essentially allowed some people to be enslaved to be left alone. Or it's a Cold War and the free people are less
okay with the enslavement than they are worried about sparking all-out war (which Neo will do when he attempts to rescue Trinity). Maybe they have a choice not between freedom and slavery, but between freedom and "safety." These are all great, nuanced, topical themes that come to mind and could've been used to great effect in this film.
Bleh.