I'm going to end up repeating what everyone said about the Matrix- it was loggy, with an endless repetition of portentous dialogue around the same theme (gee I wonder if the movie was about choice), and two or three really amazing action scenes.

EDIT: More details:

I was a little less sold on the first movie until I saw the second, which is like a four hour bath in molasses. Bits and pieces were cool, and that much hyped freeway chase scene does have a great "What can we pile on next" kineticism, but it stops dead in its tracks every three minutes not just for a dull conversation, but a dull conversation about the same thing every time: the nature of choice. That theme, expressed in ham fisted aphorisms time after time, and it doesn't help that every one of those scenes sounded exactly like some bit from Star Trek where Kirk defends our essential humanity against "perfect" aliens. If the whole thing had been a camp hoot like the orgy scene or the bit where the Euro-villian swears in French, it might have worked, but that would have taken someone with the awareness of how silly those sceens played in the first place.