No one seems to have much to say about the sequels beyond "they sucked", I'd like to hear exactly why they were so poor.
I can see why people were disappointed by them, they were expecting what they'd experienced from seeing the first film to be repeated for them. Twice. I'm glad the Wachowskis didn't do that.
The first film was a great setup for the second two. It told us of Neo's origin, within the space of a simple (yet deep) story showing us a mere corner of the huge world the Wachowskis created for the Matrix. It hinted at larger things but all we got was a simple story with a few characters representative of the rest (ie all we saw of freed humanity was the crew of the Neb, and all we really saw of the Matrix was a few sentinels & a few agents). It gave us a nice, clean, one sided view of what was going on. This isn't a bad thing, it's exactly what people needed for the first film.
With 2 & 3, they blew things right open. It was like a child stepping in to the real world for the first time. We discover not everyone believes what Morpheus does (Locke with his utilitarianism, Merv with his causality etc). We discover not everyone in the Matrix is working toward the same purpose, and neither is everyone outside the Matrix.
A lot of Christians I've talked to didn't like the fact that the very strong Christian symbolism in the first film got "diluted" in the second two. This isn't really the case. Instead what we saw in the trilogy was the truth being discovered in the first film, then it being tested in the light of other half-truths in the next two. Many of the characters & situations tried to pull the truth we learnt from the first film down, but at the end of Revolutions, what prevailed? We see Neo, stretched out like a cross, becoming Smith (sin?) for humanity, and conquering it. The machine says "It is done," a phrase very familiar to anyone who's read the gospels.
First Matrix gave us the black & white of it, Reloaded & Revolutions introduced us to the real world, where there is doubt, confusion, and many shades of grey.
Anyway, I could rant about them for ages. I think it's a fantastic trilogy as a whole despite a few small problems here and there, and I think the Wachowskis did a brave and brilliant thing with the two sequels. Unfortunately for them, a lot of their audience didn't understand where they were going, which I suppose could be a fault on the Wachowskis part, but for me they did the job just fine.