May as well exorcise my thoughts on the subject...
First film - one of the best I've seen on cinema. Still irks me that I watched Phantom Menace (ugh! somebody slap me), instead of The Matrix for a second time on the big screen. That said, as good as the Matrix remains, it's impact was superficial and doesn't stand up to repeated viewings in the way that, say, Aliens does (which was a far greater re-invention of on-screen action, even if Alien is the superior film, IMO).
Was very unsure of Reloaded, but reserved judgement until I'd seen Revolutions, and like most people was thoroughly underwhelmed. Simply put Reloaded was poor and Revolutions was awful. The Wachowski brothers just got too caught up in ridiculous tidbits, like striving to create the perfect CG rain-drop, to say nothing of getting terrible performances out of their actors, bad scripting, etc.
Their work on the Animatrix material was far better than either of the sequels - which reminds me: There are a lot of nods and clear inspirations from the likes of Akira and Ghost in the Shell (both of which I'd rather watch any day of the week). Pity that the Wachowski brothers didn't take Akira's lead a little further, and dispense with the fisticuffs, particularly in Revolutions. I mean, Neo is effectively a god within the Matrix, and yet he's still duking it out wild-west style (the least of the film's problems but still annoying).
I would, however, highly recommend the Wachowski brothers' first film, Bound, which in retrospect is better than anything they've done since.