I just re-watched Reloaded on my mission to watch the three original films (and maybe some Animatrix too) before Resurrected is released in December 2021.
I haven't re-read this whole thread again, but I've skimmed through it. I now think my disappointment with the sequels was mostly down to some very high prior expectations that could never be adequately met, because this is still a very good film. It has a journey of sorts; it has new reveals (especially the cycles of revolution), it has action, and surprises, and interesting characters (programs), but it also has plot holes, and the cliffhanging ending is always going to be disliked. (Only Back to the Future could do a cliffhanging ending well).