I saw The Matrix Reloaded in (obviously) 2003, and I was quite disappointed.
I saw the Matrix Revolutions in 2003 as well, and I was also quite disappointed.
The more I saw Matrix 2 and 3 the more I understand the complicated shiggedyschwag in it... but it was not well executed, and definitely not understandable in the first run... (not to mention the fights and action scenes weren't as interwoven into the story as the first film). The two sequels are definitely not very good movies on their own.
To understand what the architect was babbling about, I would strongly suggest you to go here: TheMatrix101.com
It's a great website explaining almost everything that happens in the sequels.