The movie is about nostalgia (both watching it and the plot). If you have any other motivation behind watching it, don't. And be warned, don't expect it to be equal of the OG Matrix. It's not in the same league and isn't trying to be.
The Good:
1) Fan service. When you watch it for nostalgia, you definitely want it.
2) Absurd logical leaps. Just like the original trilogy. Love how they explained the older movies. Truly Matrix style.
3) The Analyst. Excellent antagonist, just needed a bit more screen time.
4) Most of the support cast. All passionate actors, giving their best. The film doesn't really let us get close with them, which would have been better.
The Bad:
1) New Morpheus. Made the iconic character a joke.
2) Mr Smith. Lacks the vindictiveness. And no idea what happened to him in the end.
3) Keanu. Sorry, but he really was one dimensional. That worked in the previous installments, but this was supposed to be about emotions.
The Ugly:
1) The Exiles. Especially Merv. The less said about them, the better.
2) Storytelling. It starts off to a solid ground, ends at... probably somewhere. I just can't figure out what to make of the story.