Now that I've seen The Matrix Revolutions twice, I feel I can pass judgement on it. The special effects were great, and the fight between Neo and Smith takes hand-to-hand combat essentially to its peak. However, the story and execution of the film were somewhat lacking. It was better than Reloaded story wise, but not as good as the original. It seems that they get so caught up in finishing the film that we don't care about the characters and what happens to them. The cliche ending was a little off-putting, however.
Many critics are saying that this is a horrible movie and it "sucks". I wouldn't go that far. If you find yourself saying that then you should lower your expectations and just look at it as your everyday action movie. It wasn't as good as the first, but saying that it sucked goes too far.