If you liked the first one, you'll probably like this one better than the second one. For one thing, it is shorter, for another, it actually has an ending (as opposed to a "to be continued" from the second one). All in all, it was a fitting end, but I would have been happier with a highly compressed second movie with this one tacked on to the end of it and just making the whole thing a duology.
The film does manage to bring in some additional characters and you might even care some for what happens to the ones who are added, but I still found myself unable to give a rats behind about what happened to Neo. He just isn't that charismatic, and it gets much more difficult to make somebody seem so when they are basically all-powerful.
The fight scenes are pretty derivative and the there are no new effects to drag the film along. However, the effects shots that they have are well done. There aren't any tell-tale mattes and (with one exception, a scene in the Oracle's kitchen) most of the production is well done.
If you didn't see the first two, don't even bother. If you liked the second one, definitely go. If you liked the first and saw the second, you might find it enjoyable.
Special note: Mike and I saw this at what would have been Friday night at 7pm on 11/14/2003, keeping in the spirit of the Friday Movie, however it was actually 1pm Saturday in Christchurch, NZ.