I just saw it. Here's the movie in a nutshell:
Start out slightly confused. No recap at all of "when we last left Neo..." Neo wakes up in limbo and gets the lowdown from a really annoyingly sweet 6-year-old and her father. Some needless $h!t about a train dude that reminds me of the guy on Ghost. Then a really confusing and unnecessary bunch of crap that takes them to the Oracle's for some completely unhelpful advice from some really old chick that looks nothing like the Oracle, then wraps up with a rediculous Mexican standoff at the Frenchman's, and somehow Neo is finally rescued from limbo.

A completely useless sidestory that accomplishes nothing in moving the story forward. The movie could have started right after Neo gets jacked out (but wait a second, how did he get jacked in? Last we saw him, he was on a table with no wires attached. I thought he didn't NEED to jack in anymore?)
Now the other dude (the one with Smith inside him) wakes up and starts doing a dead-on impression of Smith, but no one around gets what's going on. Hours of this later, and Neo still doesn't get it until Smith practically whacks him over the head with a big neon sign that says "I'm Agent Smith, dumba$$!!" (Hey Neo, here's a clue: NOBODY ELSE IN XION calls you "Mr. Anderson!!!") Smith boils Neo's eyballs with an industrial power cable, then gets his ass kicked by a blindman. Anyway, Neo decides arbitrarily that he needs to go to the machine city for some reason.
Xion gears up for a biga$$ showdown with the machines. They bring out some kickass (but totally unarmored) giant robot suits, which are animated way too fast (considering how slowly all the humans move in all the other fight scenes) breaking any sense of scale, weight, and power. Nonetheless, this is the high point of the film, as the humans take a serious beating from the invading machines.
Niobe and all the other survivors from the other ships speed at breakneck pace back toward Xion, just in time to open a can of EMF whoopass on the sentinels. The lameass commander chastizes Niobe for her heroic move, even though the machines cause no trouble for the rest of the film.
Oh, yeah, remember an hour ago when Neo and Trinity left for the machine city? Yeah that, we almost forgot... Neo shows more of his real life superpowers by blowing up thousands of sentinels with his outstretched palm. Then he somehow gets the revelation that they need to go above the clouds. It's a real Kodak moment, as we get the first glimpse of the sky the way it used to be before us dumb humans decided to artificially cloud it over with black soot (see The Animatrix for all the stupid things we end up doing to deserve the mechanical hell that eventually claims mankind as a power source.)
Suddenly, the ship plummets, crashing into a tower. Neo crawls around looking for Trinity. Hmm, why haven't they shown her lower half for the last 5 minutes? Oh, she's got 3 industrial-size rebars thru her torso. Bubbye Trin, you weren't that cute anyway.
Neo finds the big machine Kahuna, and for some reason gets the bright idea to offer to get rid of the Smith-kateer gang in exchange for peace with the humans. 20 minutes of lame-ass kung-fu and a few kickass shockwave effects later, Smith is gone, but the body laying where he falls is the Oracle. Didn't get that one.
It's unclear whether Neo dies or not, but the rest is a real Scooby-Doo ending (well, as Scoob as you can get after the two main characters are out of commission). Golly gee whiz everyone! The war is over! YAY!!!

The Wachowskis are hacks. They had a fluke with the first Matrix, I really doubt that they'll ever do anything worth seeing in the future. Reloaded and Revolutions were completely uneeded, made just to rake in more money. Morpheus was totally underused in the sequels. There are far more answers provided in The Animatrix, specifically the Second Renaissance episodes (which are free online at the Animatrix website BTW) The first movie could have stood on its own, and actually ended in a much more positive way. You were left with the feeling that it was only a matter of time before everyone was freed, now that SuperNeo is here. I didn't need to see 4.5 more hours of story (if you can call it that) to see how it all would go down, especially when it's so disappointing.
The Frenchman should have been blown to a bloody pulp. Not only was he annoying as hell, he played absolutely no part in the story in either film and wasted huge amounts of screen time in Reloaded.
There were many elements of this film that seemed ripped out of other movies, mainly Aliens and Star Wars. In fact, if the now watered-down William Gibson (who started the whole cyberpunk genre on which The Matrix is based) were to write a novel based on Aliens and Star Wars, Revolutions would be it. What's this crap, "you have a connection to the Source?" The Source is strong with you, young web-walker! And the whole battle with the new Dozer-dude's girlfriend and Vasquez from Aliens running around in the pipes, while the super-fast-moving powerloaders battle the sentinel, I expected them to start bleeding acid. A lot of the lines in that sequence even sounded like Aliens. "Whatever you're gonna do, do it fast!" and "get away from her, you b!tch!" Oh wait, maybe no one sait that...
With that, I'm off to the living room to watch a much better Keanu Reeves film, a film that takes full advantage of his awesome acting abilities--Bill and Ted's Excellent Adveture! What number am I thinking of?

May the Source be with you.