THE GOOD: The special effects have once again raised the bar and are beyond belief or description. Also, the depth of plot that will "...really bake your noodle", in the words of The Oracle, are extremely well thought-out. I left the theater in deep thought, and it wasn't until the next day that I digested most of the plot line and where I think it's going. Pretty good writing...
THE BAD: This movie fully merits the "R" rating, unfortunately. There is a full 5-6 minute, completely un-necessary orgy/sex scene that seems to go on forever in what is supposed to be a "temple" in Zion. It is like something out of a pagan ritual. While we are treated to scenes of sweaty bodies grinding and groping, there are explicit scenes of Neo and Trinity having intercourse, orgasm and all. The sad thing is, none of this adds anything to the movie, which would have probably been "PG-13" had they simply edited out this 5-6 minute orgy. I don't know what is more shocking or disappointing: This scene being included in what was otherwise an excellent movie, or the fact that there was a family of a mom, dad, and three boys under the age of 10 in front of us.
OVERALL: Excellent movie, great effects, superb, deep, writing. But somewhat ruined by sexual content. I'd give it 4 out of 5 stars, but proceed with caution.