Update: I was unfortunately not aware of Shamus Young's severe criticism of Fallout 3 available here to link in the original piece and I regret that. It dovetails rather nicely with what I've written and it's much better executed than my piece. I strongly recommend anyone...
From the moment the game boots up, it screams unpolished. Shiny has had two years to right the wrongs of Enter the Matrix, but ultimately failed. I borrowed this game from a friend and I'm glad I did!. I'll keep this short:
GRAPHICS: Shiny had stated at one time that Path of Neo was going to use a new graphics engine. It doesn't look like it. The textures seems about the same, maybe a little cleaner. The lighting is just bizzare at times and not very realistic. The animations seem a little more fluid than ETM (not by much) with a lot more variety. Bullet trails look better this time around as well.
SOUND: The sound is the same as ETM maybe a little more glitchy. Sometimes when melee fighting, sounds don't register until a few seconds after impact. The guns sound kinda weak. The music is good and sticks to the films score.
GAMEPLAY: First off this game was developed with melee in mind, not gunplay. The guns auto-traget what ever person is closest period. You can cycle through the enemies by moving the right analog side to side. Clicking in the right analog draws your weapon and I feel it's a very cumbersome gameplay mechanic that needs to be over hauled in future Matrix games. Hopefully Shiny will lose the license for this franchise.
OVERALL: This game is actually kinda of hard to recommend as a rental since there are sooo many glitches and ugliness that plauges it. Diehard Matrix fans will most likely be the only ones that take the red pill. For everyone else take the blue and a laxative.