There was one thing in Reloaded that made watching Revolutions wholly unnecessary. The architect dropped a big ass spoiler. Only logical conclusion of Smith being the Matrix trying to correct an error by introducing balance to an equation. One cannot defeat the other, therefore, if Neo dies, so does Smith. Walked out of the theater talking to my friends how the next film is going to end with Neo's death.
The two and a half hours before that, yeah, nothing of interest happened. Almost fell asleep when Morpheus fell off the van while backflipping for the fourth time, and it is really hard for me to fall alseep in bright light while hearing loud noise. To make matters worse whenever the two films are not having ludicrously drawn out action sequences, they're dipping their toes way too deep into pseudo-philosophical musings.
Hey Neo, you're in Limbo. *wink* *wink* Get it? Limbo. Spelled out on the station name.
Not sure what the bigger disappointment turned out to be, Matrix Reloaded or The Phantom Menace. Leaning towards the former, but that might be hindsight (not to mention viewing the prequels in an entirely different light after the sequel travesty, err, trilogy).