I've seen the Matrix sequels probably a dozen times, and can't in all honestly say that I think they are "good" films. Entertaining, sure. But a stupid, mindless, kind of entertainment. I see no quality in the characters or plot, and even the famed martial arts scenes tend to drag (in the case of Revolutions, they're just plain bland). Neo's fight with Smith in #1 was dirty, brutal, well-timed, and just the right length. The movie built up to it very well, and had been sparing with the fight scenes up until then--most had been quick and/or training. So when it came time for the big showdown, the fighting didn't feel overstayed and fatigued, and the dynamic between the two characters was more pronounced. With the Sequels, it was just fight after fight after fight after fight after fight, with little to no emotional investment from the characters, and thus none for the audience.
Do you see what I mean? It's not about the fight scenes or the lightsabers, it's not about the robots and the CGI, it's not about the leather and Natalie Portman's midriff... for me, it's about the character and the story. The rest are just compliments. Because the Matrix sequels failed to create relatable/likable characters, and a coherent/logical story for them to follow, no amount of compliments gratuitously shoved in to the running time will save them.