I see it as a twology. I like number 2, parts of it I dont, like the dance orgy and really the entire underground city, but the fight scenes are awesome and I really like most of the new characters that show up. Number 3 has never existed to me tho, only saw it the one time when it first came out and wrote it off. I might, maybe might, give it another chance this go around tho.
The original however is just epic. I read recently that the studios screwed everything up. When the first movie came out they had no faith in it and told the producers there would not be a sequel. So they tried to throw the 3 scripts into one film. Many things like neo becoming the one werent suppose to happen in the first movie. So then the movie becomes a huge success and studio says make more! So they had to improvise some and reinvent the story line. So who knows what it would have been if they were allowed to do it the way they wanted to originally.