It was great. Enjoyed it thoroughly. The stunt choreography, music, effects are all stunning. However it is not without flaws, heavy (and long) dialogue and complicated sub-plots does not make it easy to digest. Below is my attempt on a review. Don't read the first para, if you know the well publicized plot.
The machines plan to invade the last human city of Zion. As the news of the machines digging reaches Zion, the city decides to counter attack. However Morpheus has all his hopes on Neo and sends him to contact Oracle. The Oracle tells Neo about the "Key Maker" who could help him reach the "Source". Meanwhile Neo is haunted by dreams of Trinity in danger. Their mission is obstructed by Agent Smith who is back and back in numbers...
The Good Part
Honestly, the stunts and visual effects are quite sensational. The action scenes are all very enjoyable and done in true 'Matrix' style. The east-meets-west action moves seems to be working very well in the film. The scene where Neo fights the agent clones is a true classic. Never seen anything like it! The music that accompanies is also supreme. If you want stylish action, well this is the best Hollywood can offer.
The Bad Part
The story seems to be simpler than the first one. But as I said the dialogues are really heavy. The climax of the film depends on one very lengthy Shakespeare style monologue, which I could totally comprehend only after reading the transcript. Morpheus was my favourite character in the first movie. However in Reloaded, he was far from spectacular. His acting seemed to be artificial especially in the scene where he addresses the Zionites. And all the characters were overwhelmingly serious. There are too few (if any) lighter moments in the film and there seems to be plethora of small roles with no apparent purpose in the film. Maybe they are significant for Revolutions to click. Naobe has no significant role in the film and seems to be there just for the sake of the video game. Some small tid-bits are confusing, if you haven't watched Animatrix like me. So I think the message is clear, if you really want to understand what the matrix is, better be prepared to part with some money. :-)
A must see?
I would say yes. This is a good sequel, but not a good stand-alone movie, so better see Matrix-1 if you haven't seen it yet and be prepared for Matrix-Revolutions. On the whole, it really is good value for money.. So what are you waiting for? Get ready to say "I'm in!"