Tage and I saw it last night, and we agree that it is simply awesome. The fights and chases are incredible, the new revelations are amazing, and the new information regarding the world of the movie (Zion, rogue programs, the nature of the matrix, the nature of the One) are wild and exactly what I was looking for. The dialogue and pop philosophy are about on par with the first movie, so make your own judgements on that. In general I have to say that I think I like this one better than the first--it didn't show me brand new effects, but it showed me depth of character and setting that the first one lacked. An incredible movie.
It is rated R for two reasons: first, there is a sex scene between Neo and Trinity that doesn't show anything other than facial expressions, but it's intercut with shots of sweaty dancing people and leaves no room for interpretation. Second, one guy gets shot in the head. If you ever watch CSI, you've seen more gruesome stuff than this. On the whole, the movie is less bloody and has far less swearing than the first movie (the latter because Cypher's not in it).
If I have a complaint, it's that a couple of the fight scene graphics were a little too CG. The scene where Neo fights a zillion Agent Smiths had a couple of shots that looked pretty fake and video game-y, but given the nature of the matrix I suppose that makes sense in some kind of cosmic way.
I guess I haven't really given to many spoilers yet, so, um...sorry.