Chris,
I've heard similar reports that it's more an effects movie. This won't necessarily affect the upcoming movie as a lot of hollywood blockbusters are just that.
Although as you point out it could have an impact on the third instalment, but I think that there will be enough interest to not have much impact on the third movie.
Unfortunately only time will tell. They will need to make sure that the video/dvd of the Matrix: Reloaded is released with sufficient time before the Matrix: Revolutions comes out on the big screen.
Surandy
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