I thought it was excellent. To call it a Matrix Rip Off is odd, since Matrix itself is basically one big rip off of various themes (The Invisibles, Dark City, Ghost in the Shell, Fist of Legend, various other anime, to name but a few) tied together into a good, solid film.
The fights were much more intense than Matrix slow motion "LOOK WE HAVE BULLET TIME!" fights, and it was much less cheesy. Equillibrium also doesn't contain lines like.....
"it's our way or the highway"
"I know kung fu"
It's soundtrack was nice too, moving and dark, very like Hans Zimmer at his best. Matrix soundtrack was pushed to the background to make room for MTV trash techno and nu-metal.
The plot isn't water tight, but I thought it was solid. Is it so far fetched? Equilibrium borrows the "drugged up society" theme heavily from some very critically acclaimed works. Look at Nazi Germany, that HAPPENED, the government brainwashed a nation after only barely winning an election and conducted themselves in a bizarre militant fashion, and the German public just became sheep-like. Don't think so highly of the general public, I could almost gaurentee that a situation like in Equilibrium is entirely possible.
I notice your Star Wars Sig, and I can't help but laugh at your plot assassination of Equilibrium after seeing the Episode 1 and 2 (possibly the most dissapointing 4 hours of my life combined) though don't get me wrong though, Darth Maul was awesome
And lastly, regarding Taye Diggs, I can't believe people still bring his "showing emotion" up. It is revealed just before the final showdown <<SPOILER>>>
that he has not been taking his drugs either, he outright LAUGHS when Bales character confronts them.