Well, it didn't suck.
I just didn't like it as much as the first one. Of course, with the first one I didn't have someone practically screaming into their cell phone during a key scene...
The story of Neo trying to figure out what the hell was going on while evil robots menaced his friends was compelling enough in the first chapter. In this one, we already know he's The One. And when you know he's invulnerable(ish), it loses a little of its edge. Of course, it's the middle piece of the story arc. Lotsa setup and exposition. But it seemed like an hour before any action got started (but what action!). Then it was over.
I'm not going to see it three times, like X2, but it was definitely worth the money. I can't wait for the third one and then to see them all together.
Psst! Unless you are really in the mood to sit through some loud, headbanging credits for an eternity in order to see a 30-second preview of the next chapter, don't bother. That's why God created the Internet.
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1 - Doctor Slack
Another review (with lots of spoilers) at http://kelele.blogspot.com