In terms of the Trilogy, the first movie is like having insane foreplay, and the last two are like a half hearted handjob ending with you just taking care of it.
Seriously, the first sets up the Trilogy so perfectly, and then they just try way too hard for the second two. The first mistake they made was the casting of Neo, the second mistake was making a silly name like Neo, the third was making the storyline even more insane than the first, and the last mistake was overusing CGI.
The war between the humans and machines was a cool storyline, the idea of a glitch that makes a human insanely powerful, all of the setup is there. You've made the storyline pretty much set for epic, and then, they fumbled. Not just fumbled, they picked the ball up and ran it the wrong way. Then on top of that celebrated so long that they got flagged for unsportsmanlike conduct.
In short, this is my opinion:
They set up the series so perfectly in the first movie that a four year old could have made better sequels. Then, they just pooched it.