I just just got back from seeing The Matrix Revolutions with my sister and her boyfriend. Early reaction is more or less good, especially after the "New Matrix flick sucks so bad it could pull the moon out of its orbit" link (which actually reads like the rant a Matrix fanboy would post to discredit Matrix detractors) posted on Fark today.
About twenty minutes in though, I realized that the Other Holy Trinity of movies basically follows the same formula as the original Star Wars series: The first film introduces the basic operating concepts of the universe, and contains a full story arc in case box office sales negate a sequel. The second film deepens the story by unmasking some of the major concepts and making some huge earth-shattering revelation. The main character loses a hand (whoops, that only happened in Empire). The third film goes crazy with special effects and does something to piss me off. Namely the adulteration of muppets in Jedi, and reminding me of my brief high school obsession with MechWarrior in Revolutions.
No, The Matrix Revolutions is just hard, fast and fun. Not a lot of substance to it. I definitely preferred Reloaded to this one, and I think the ending of the trilogy was a cop out. There were two places I wanted the ending of Revolutions to go, and it didn't do either. I think they both would have been better choices. Keep in mind that any time one film deliberately ends a series, a lot of people will complain about the ending.
It's also worth pointing out that I hated the first Matrix film. Actually, I didn't hate it at first, but I got really sick of it. Most of my friends in high school were a year my junior, and The Matrix came out on DVD the very same weekend that they were all home from their first semester at college. I went to a lot of parties that weekend. I saw The Matrix at least five times in bits and pieces.
I was studying computer programming, and I began to find flaws in the movie. Not little "unbuttoning-rebuttoning shirt" flaws, but enormous drive-a-truck-through-the-plot-hole flaws. I don't know where to begin -- you couldn't design a system with so many problems. It would simply collapse on itself. The Matrix Reloaded cleared this up quite a bit. It didn't fix the plot holes, mind you, but it allowed for them. I doubt that the Wachowski were worried about justifying the story to computer programmers; they just expanded the plot in a way that worked really well for me. So the second movie I loved.
The third movie takes "kick ass, wow the audience" approach. It's fun, and while it may not be the almost-cerebral experience Reloaded was, it needs the framework of the first two movies to stand. Given that, it's a good (enough) film, and it certainly pushes the envelope. I might not shell out $8 to see it in a theater again, but it's probably the best trilogy of action films released entirely since my birth. I had to put all those stipulations in there to disqualify the Other Other Almost Holy Sort Of Trinity of movies, the Killer Tomatoes series (which began in 1977 (prior to that, even, if you count the original Super 8 version), has four films (possibly five soon), and doesn't really count as action).
Besides, it's only a movie.