The Matrix Reloaded is an interesting one. It was judged very harshly upon release, as the fun action romp had nothing on the world-beating modern classic The Matrix that preceded it. It's not until you watch The Matrix Revolutions that you start to miss Reloaded and realize there was plenty to like about it.
It may not have transcended its genre like the first one, but as an action movie, it went above and beyond the call of duty and ticked all the boxes. In doing so, they embraced the latest technology and milked it for all it was worth, a must in an age where The Lord of the Rings and Pirates of the Caribbean trilogies were in full swing. The visuals played out great for those watching for the first time on the big screen, but just because they wowed on release, doesn't mean they'll stand the test of time.
Holds Up: Stopping The Bullets
While Reloaded failed to develop the concept of slow-motion bullets, the call back shot to the first movie where Neo calmly and casually stops a hail of automatic gunfire with the talk-to-the-hand technique is badass, and a perfect trailer for the movie itself.
The too-perfect ballet-like action scene that follows is another example of this. Reloaded is fun to watch but very difficult to take seriously.
Doesn't: C.G. Body Double
Experimenting with new technology can lead to some interesting creative choices, and Reloaded was one of many blockbusters that benefited from huge advances in digital technology before having to deal with the additional scrutiny of ultra-4k-HD viewing experiences.
Neo's C.G. body double becomes glaringly obvious upon rewatching, after which it becomes impossible not to notice it every time, immediately taking one out of the movie.
Holds Up: These Guys
The Twins were among Reloaded's most memorable features. A lot of the Merovingian stuff was fleshed out in the accompanying console games, but the Albino twins, for the most part, remain a mystery, leaving the audience to decide whether they're Agents from a previous version of the matrix and what their relationship to the Merovingian is.
Their look and ability to 'ghost' seem solely designed to make the action scenes more dynamic and interesting, and in this movie that is no bad thing.
Doesn't: Squidees
The Sentinels become less and less threatening every time they appear in the franchise, and while they were able to look good and act dynamically onscreen, there were clear restrictions when it came to having the sentinels interact with the live-action cast, though they are used to great effect to demonstrate Neo's newfound powers.
The limitations with sentinels would go on to be a big problem in Revolutions where the antagonists in the big battle scene are forced to remain part of a C.G. background that can't interact with the live-action foreground.
Holds Up: Flying
When one asks who would win in a fight between Neo and Superman, it's like Alien vs Predator. Fans want Neo/Alien to win because they're just so much cooler. The Matrix trilogy shows up Marvel and DC for failing to make the ability of flight special or interesting.
Neo flying through the air at impossible speeds to rescue Trinity with a whirlwind of cars caught in his wake is up there with the first time we see the true extent of Nathan Petrelli's flight capabilities in Heroes.
Doesn't: The Instant Transformation
The rules for VFX within the Matrix are different from those in the movie's real world. You can get away with a lot more. The agent transformations are a good example of this. As with the first movie, they don't have to look 'real.' They just have to look cool and visually demonstrate what is happening to the people being transformed.
But both movies firmly establish that the process takes several torturous seconds, and the human brain simply will not allow for the split-second agent transformation during the car-chase, however cool of a shot it is.
Holds Up: Smith Copying Himself
The scenes where Agent Smith copies himself are similar to the traditional Agent Transformations in that the special effects are designed not to look like they could happen in the real world but rather to demonstrate that the 'real world' is in fact, not real.
The effect holds up to within-the-matrix standards and portrays what it needs to portray very effectively, and quite chillingly.
Doesn't: Spare Smiths
What's better than one Hugo Weaving? Any number of Huge Weavings greater than one. But alas, in real life, there can only ever be one, and this left the filmmakers with a problem.
They solved the problem by hiring people who were not Hugo Weaving to stand in the background of fight scenes. This passed on opening night when it was all new and exciting, but upon a rewatch, it's hard not to keep spotting them.
Holds Up: Zion
Reloaded's vision of the future is an interesting one, and the city of Zion is a good representation of the movie's main themes. since the humans are literally dependent on machines to survive, thanks to a world they created.
The visuals are very cyberpunk and atmospheric and work as a great contrast to the world of luxury within The Matrix.
Doesn't: The Movie
Maybe Reloaded and Revolutions spread their visual effect budgets a little too thin, but the main reason the films don't hold up to such scrutiny is that the movies themselves failed to tell a story as compelling as the original. VFX is just one tool of many that can be used to heighten and drive a story, but no matter how great the action and score are, if the story doesn't have any substance, the audience won't be immersed enough not to see behind the curtain.
Now in 2020, with a fourth entry in the works, the potential for the franchise has no ceiling. The question is, will it be more like the Matrix or Reloaded?