(REVOLUTIONS SPOILERS BELOW)
I disagree with others about the sequels. I think they were good movies. People seem to hate them for a few reasons:
1) Humanity wasn't saved... but could it really have been? Do you think little Zion could ever destroy all machines on earth and free the "slaves" ? I don't think so. And I think this "peace" between the machines at the end is just temporary. In the end I think the machines will conquer Zion.
2) Neo and Trinity die. I can just imagine how much this traumatized those who wore trenchcoats, leather and dorky sunglasses to the movie and waited 3 days in line. Enough said
3) Most of Revolutions was "In the real world" I beg to counter that this is the more important area. Zion was the center of all three movies, its just that, by introduction the first movie HAD to have so much time in the matrix.
4) Why must everything end happily? Why couldn't Morpheus and everyone else have died? It would have made sense to me that they couldn't defeat the machines.
Overall I had a couple things that bothered me--namely that whole "there has been Neos before you and will be after you" non-stop cycle of junk. I wish that this was the first matrix (other then the one that failed) and only that.
I like to watch the first movie on its own though. It makes a great movie and you don't even need sequels. The part where Neo flies up into the sky at the end leaves your imagination to think they will conquer the computers (if that is your idea of a happy ending) and free humanity one at a time.