The third one I have mixed feelings on. While I enjoyed some aspects of it, there wasn't nearly enough of it taking place in the matrix itself and I hated the fact that everyone from the first film but Morpheus is dead. And yet the Superman fight between Neo and Smith almost makes up for its shortcomings in my mind.
I guess 'cheated' is a good word for it. The first film set my expectations very high and the Wachowski's failed to deliver on them completely.