I think expectations were soo high
Yup. This is also one of the main reasons why most people that saw the original trilogy feel that the new Star Wars movies are so hideously bad. Expectations built up to such a feverish height that NOTHING George Lucas or the Wachowskis did would have been enough to satisfy everyone.
Also, don't forget that the whole sense of "Whoa, what the fuck is THIS??" you got when you first saw Neo wake up in the giant Battery was no longer there. A sequel can never capture that freshness / newness of the original.
I really digged Reloaded, although there were a few too many "needless" kung fu scenes (insomuch as well directed, well choreographed kung fu can EVER be needless) and just some things that seemingly made no sense (such as WHY Neo is actually fighting the neverending horde of Agent Smiths), although those could usually be explained if you thought about it.
I think the only thing that really annoyed me was the whole Zion scene and Morpheus' crud awful speech. The rest of the movie was very good, and the Architect's speech and the revelations contained in that speech were just awesome.