It's not as bad as all THAT. It's not great though. In terms of enjoyment I'd put it between #2 and #3, but I was pretty disappointed in #3.
It's a pretty forgettable action movie, and as the Drinker they at least manage to roll through this without destroying the characters from the original. There's some nice visuals, and the "upgrades" to the hovercraft, and matrix in/out mechanics are kinda neat. The storyline is just straightforward action without any pretext of the philosophical depths of the original movie. Again referencing the Drinkers video, I didn't even see the "life is not a binary choice" theme as clearly as he did. It came off like a passing comment.
slight spoiler:
There's a scene towards the beginning where Neo and his business partner are having a meeting. In this world the first three Matrix movies were video games written by Neo 20 years past. The partner says that they are going to do a sequel to those games, and then says something like: "Look, I know you said you were done with that story, and were never going back there, but our parent company, Warner Brothers, [he actually namedrops WB] has made it clear that they are going to do this sequel with or without us, so we might as well do it." Then there's a montage of trying to come up with ideas for the Matrix 4. The Drinker thinks it's a lazy attempt to be meta, but I really got the feeling that it was Wachowski straight up telling the audience that there was no good plan, no good story, and nothing left to say. What follows is a competent, paint by numbers action flick.