I saw Reloaded on opening night, and I suppose I ought to note my thoughts, for posterity's sake and all.
I thought Reloaded was a good movie, although not as good as the first film. Part of this is inherent to the structure of the film: it is, as many have noted, essentially the first half of a two-part movie which will be concluded in Novemember with The Matrix: Revolutions. Because the Wachowski brothers (apparently) decided to make the 2nd and third installments of the trilogy one long film, shown in two halves over six months, the first half was almost necessarily going to be weak, in a certain sense. After all, how many novels would get rave reviews if you only had the first half to read?
So, already there were certain limitations built in to the film, limitations which could very well prove to be irrelevant come November. Beside that, I tend to agree with those who note that the special effects in this film seem less intrinsic to the plot than did those in the first film; the writer-director team, the argument goes, simply put in some eye candy to wow the audience.
As I said, I tend to agree. At the same time, I thought back to the first film, and the scene in the lobby of the building where Morpheus was being held, and asked, "how essential was the mayhem of this scene to the plot?" Really, much of the effects in the first film were also there to amaze the audience. So I'm not sure how much water this argument really carries.
There were a couple of other minor things which bothered me, but they aren't worth mentioning here. Again, I did enjoy the movie, and I'm sure I'll see it again on the big-screen. There are some faults, but many of them could very well be resolved in the final installment of the trilogy this winter.
Out of 10, I'd give it an 8.