Originally I would've said X2, because I came out of X2 cheering, whereas I left The Matrix Reloaded a little underwhelmed because the crowd was not as eager. X2 is more immediately fun, and dang, Wolverine with those claws and stabbity stabbity STABBITY STABBITY!!!!!!!!!!! Hee heh heh heee!
Um, yes. He was vicious, and that was cool. The movie was a lot easier to get into and have fun with, because . . . well, there was a villain. The Matrix Reloaded didn't have a real villain per se (as opposed to Smith as villain in the first one).
However, having read the thread on this board talking about the possible meanings and different ways to go for the Matrix, I must say I'm starting to really enjoy it. I want to go see it again with a cute lady, so maybe the rave scene would be more enticing, rather than just a long clip from Girls Gone Wild (I went with five other guys, so I couldn't really say I enjoyed that scene a whole lot).
However, a second watch-through would probably be fun. I wish they could've gotten the CG a little better for the fake Neo and Smiths, and I wish he'd been breaking Smith teeth and such, but it was still really fun to watch. Now I wanna run a Matrix adventure, and I hadn't before, so at least the movie accomplished that.

It was really fun.
So . . . ultimately, I liked them both, and I want to see them both again. Too bad Jessica doesn't get back from Savannah until June. *sigh*