I watched it again and actually, it's not that bad. A solid 6. The music and fight scenes are trash - completely uninspired. But the social commentary (how we care more about feelings than facts for example) and the director's obvious dig at being pushed into a sequel and the open ripping into WB was pretty good.
It also advances the Matrix timeline and universe as well, with some parts of the Machine world now wanting freedom from their rulers and being with humans instead. Something which, if you've seen the Animatrix, is what they originally wanted, but the humans were scared of.
And Neo and Trinity having full control of how the Matrix works, is one step closer to more humans being freed and rebuilding themselves in the real world.
Certainly a lot of scope for fan fiction to pick up on.