While the game itself is average at best, the concept behind it is quite awesome indeed: Instead of going with a standard licensed game that allows players to replay moments from the films, it is instead created to be a side-story that fills in some of the gaps of the Matrix's mythology, and to allow players to see that universe from the eyes of two side characters, and how they impact and shape certain moments from the second film. And not only that, but the filmmakers themselves went so far as to write, shoot, and edit live action scenes with actors (including Carrie Ann Moss, and Hugo Weaving), sets, and equipment from the films...for a tie-in video game. At the time it was almost unheard of for filmmakers to spend so much time, money, and effort on something that was considered disposable entertainment. The game may be remembered for being another mediocre tie-in, but it arguably may have been the beginning of an era when the video game and film industries work more closely together to create better products.
While the shooting and driving aspects leave much to be desired, the game really shines in its hand to hand combat gameplay. A large amount of motion capture was done for the game, and it shines here. Being able to go into bullet time and pull off some of the signature moves of the films will make you feel like a badass indeed.
So you've just completed the game. Your reward? A trailer for The Matrix Revolutions! Nowadays it doesn't seem like much, but at the time it was considered a big deal. The trailer itself is also pretty good: it focuses on the best action bits of the finale and set to some Crowning Musicof Awesome ("Absurd" by Fluke). Even better it focuses on Niobe and Ghost, showing that the characters that you've just spent the entire game getting to know will have a role to play in the last film.
Because the game focuses on the crew of the Logos during the events of The Matrix Reloaded, the main characters from the film rarely appear. But when they do show up, they're memorable.
Niobe and Ghost are pinned down by agents in a back alley, and it looks like curtains for them. Suddenly the door behind them opens. it's the Keymaker, and they are not meant to die there.
Back at Zion, Ghost is relaxing in his personal construct. Then someone jacks in to challenge him to a sparring match: Trinity. And yes you do get to fight her.
After the plan to use the EMP of the hovercrafts to stop the machines fails, Seraph calls the Logos. Your character is sent into the Matrix, and you get to duel him.
If you beat Seraph, you're treated to a cutscene where your character meets with the Oracle. This is also the first appearance of Mary Alice in the role and she even gives an explanation for the change in her appearance. She also gives some nice foreshadowing for The Matrix Revolutions.
And after all that, your character walks through a backdoor to get to an exit. And who do they run into? Smith. And while it's not recommended, you can fight him. All of him.