So I picked up the complete matrix experience on hd dvd yesterday and spent time actually watching each one. Below are my experiences as I remember them.
The Matrix - So this movie was actually cool again in High Definition. I watched it with a friend and we were definitely not sober, so keep that in mind. The dialogue was absolutely hilarious. I mean, what the fuck were they thinking? Some of the stuff was gut bustingly hilarious. Now, the lobby scene made me shut my mouth. It was fucking jaw dropping in HD. I've never seen anything that compares to that scene in HD. I even went back and watched parts of the 1st on VHS just to be amazed at the difference. It was incredible.
The Matrix Reloaded - The transfer doesn't really seem that amazing or maybe there are just no scenes to show it off (except the sexy ass random rave scene. what the fuck were they thinking with that scene?). The bad effects stand out even more in HD too. Oh and the bad dialogue goes from funny bad to just omfg shut the fuck up bad. Still, the staircase scene is pretty amazing and the first half of the car chase scene is bad ass.
The Matrix Revolutions - even worse dialogue and effects. No standout moments in HD. I fell asleep.
Conclusion: Do yourself a favor and get the first on HD DVD and rent the last 2 to put you to sleep or make you sober up.