One of my friends and I talked about this movie quite a bit this morning, and we both had the same impressions.
I thought they tried way to hard to be 'artistic' which is the feeling the rave scene gave me. There was way too much philosophising, and not nearly enough of 'breaking, shooting, and blowing **** up'. What made the original great, was that it had a great mixture of story and action. In this one, it felt that the philosophy they were presenting was overpowering and the action scenes were just kind of thrown in.
The flying was OK, but if Neo was the pimp daddy of the Matrix, you'd think he'd come up with something a little more original (and quicker) than Supermanning across the world.
The trenchcoat was cool in the first one, but for some reason it didn't work in this one. There was one freeze scene that it looked awesome, but other than that, I figured it'd be a hinderance in the fighting scenes.
The highway scene was great (until the Superman rescue). I just about died every time Trinity weaved (wove?) between the cars going the wrong way down the highway.
It was an OK movie, and I'll probably see it again. I might have just been expecting too much.