Yeah, the second was a decent action flick, but I couldn't say it was a good movie. It's worst fault is the piss poor character development. Sure, we were amazed at the newness in the first movie, but what made it a great movie was how the characters evolved and grew (not just Neo). In the second, sure the fight scenes were neat (though extended and eventually boring with no sense of urgency) but in the end, I could care less if they lived or died.
Keep in mind that I do think its a good action flick, it's just missing some essential components that would elevate it to a great film like the first.
Hey, just doing my part to keep your expectations low so you can enjoy the second movie
Personally, I'll skip owning the second film until I see how the third one turns out. If it also tanks, I'll happily just own the first and try to pretend that there is only one (there is no spoon). But if it's on the same level as the first, I'll go back and buy the second just to complete the series.