I've not seen Reloaded (I understand I'm not missing much) but Revolutions is just an extended battle sequence. It's beautifully imagined and executed, but I want more. With all that time to play around with, you'd think they might have developed the characters a bit. Zion v the machines- why should I care when the human beings are scarcely more interesting than those (rather wonderful) steel octopii?
Nemo was quite affecting when he was human and vulnerable, but once he turns into Superman he's dull. I liked the idea of a Geek Messiah, but lose the geekiness and you lose the thing that made him distinct from all those other two-fisted rocket men. He's dwarfed by the CGI and so is everyone else. Morpheus stands around and does nothing in particular. Trinity gets to flash her cheekbones. After the smartness and trippyness of the first film, it's disappointing to find that the fate of the world ultimately depends on gun-play and fisticuffs. What started as a fascinating intellectual conundrum ends as a B western.
I always suspected that Dark City (which has a similar premise and which came out at the same time as the Matrix and got swamped by it) was the better movie- now I'm sure.