I like movies with a good plot, interesting characters, well-written dialogue, and good acting. The first movie had all of these elements... well maybe the acting could have been better, we are talking about Keanu Reeves.. j/k, I don't like him generally, but he's wasn't too bad in that role. Hugo Weaving and Laurence Fishbourne were the main strengths of the movie acting-wise.
Let me just say that I rarely like ANY sequels, because I think it's tough to take characters that were already interesting for 2 hrs and give them enough interesting things to say and do for ANOTHER 2 hrs. Obviously, there are exceptions to this, (and I don't count movies like LOTR here, because they're based upon a pre-existing, classic set of novels in the first place).
That said, I was not that taken with Reloaded. I wouldn't say it was bad, I just didn't think it was all that great. The plot didn't do much for me... it was OK, but not much more. The dialogue was terrible. People say it was too talky...I usually go for dramas so I "like" talky movies... this script wasn't just talky, it was lame talky. In all fairness, I think much of the "mumbo-jumbo" they were saying in Reloaded will mean more after Revolutions, so maybe I'll change my mind about this after seeing the next installment. As I said before, it's tough to take pre-existing characters and make them stay interesting in a 2nd movie, so I was basically bored with that aspect of the film, and I didn't find the new characters very memorable either.
So what does that leave you with? A so-so movie with spectacular special effects, that's what. For me, that's enough to say it was a good movie, but not enough for me to say it was very good or great, and Reloaded definately pales in comparison to the original. Matrix.