The Matrix trilogy had so much potential, it crushed me when I saw the third movie. Left such a bitter taste in my mouth, I couldn't rewatch them for a whole year. I still bought the DVD set though.
Now, I'll watch the first one in its entirety, the second I'll skip through to the action scenes, and the third... well I haven't watched the third more than twice.
If you liked the Matrix ideas though, watch the Animatrix. Lots of cool ideas fleshed out there, along with some backstory on how the Matrix came to be and extra info about a few characters. The "Flight of the Osiris" was probably the best part and an important lead-in to the video game "Enter the Matrix." Both parts help explain stuff that happens in Matrix Reloaded, if you're interested.
I've got Pan's Labyrinth now, so I'll probably watch it sometime this week.