As for The Matrix, the first movie is a masterpiece.
Reloaded has some fantastic action sequences while expanding the story.
Revolutions is just meh with me.
As for Reloaded, whenever I watch it, I find myself skipping forward to the first Smith vs 3 agent fight, which is short but badass, then I skip to the Freeway Chase/Neo vs old Matrix sprites fight (one of the best action sequences in film, ever) and then I skip to the Neo vs Smiths fight.
But I can watch The Matrix through the whole way over and over again.