The first 45 minutes of this film had me very excited. It is so rare that I will go to the theater and be presented with something which is both original and intelligent. It managed to hang in there throughout, though the ending was too formulaic. In addition, the voice-over at the very end reminded me of the final scene in Saving Private Ryan. It almost ruins a fantastic film.
The only other objection I can come up with is that the you must know, you must be type philosophy being handed out was just a tad hokey. I must pleasantly admit though, since I don't get to admit this very often, that The Matrix is worth seeing despite these things.
The visuals are extremely impressive, particularly the "white room," the baby harvester, the training scene with the "red woman," the Reeves interrogation scene... I have to agree with some of the previous comments that the plot idea won't seem overly original to a fan of Philip K Dick, but then what is original after you've read him? The Matrix has more original things to say than two months worth of standard Hollywood fare. I have a great deal of respect for a film which will have someone say "they're turning humans into this" and hold up a battery. A plot which looks at man as machine will get a thumbs up from me just for trying.
I feel some hope for the future of movie-making in America to be able to recommend this film.