"Matrix Reloaded" lacks the heart and soul of the original movie.
Most of the dialog/acting in the second movie is wooden or forced, and the story is not nearly as intriguing and engaging. And this is NOT because the secret of the Matrix is already known to us. Myself, I was watching the DVD of the original movie for about the 4th or 5th time, and I was surprised by how intriguing and engaging the dialog and story still were.
Furthermore, in "Matrix Reloaded", I felt the characters have gotten too cool for their shades, too sexy for their bodies. And that dance-party scene in Zion: it was like something out of a hip hop video on MTV, and it took up way too much movie time. (The love scene between Neo and Trinity was okay; bittersweet and touching, even; but the scenes from the dance-party that interspaced their lovemaking gave it an underscore that seemed silly and even slightly embarrassing.)
Still, "Matrix Reloaded" was a fun and exciting movie to watch. (Watching Trinity on that motorcycle, racing along the freeway against traffic, really got my heart to thumping. And Morpheus with that katana - or was it a ninjato? - was awesome.) But if ever I get the DVD, I doubt it will be one that I watch again and again. It certainly will not become a classic.
I rate the original Matrix a 10, and the Matrix Reloaded, a 7.