The idea that machines, who have harnessed the power of nuclear fusion, will use humans as "batteries" is laughable. It takes more energy to grow the plants to feed the humans than the humans will ever give back, let alone simulate Earth 2.0. It's called thermodynamics.
However, as usual, plot is the least important aspect of this piece of fiction.
Neo is a "hacker" who one day stumbles upon the Matrix. Note that the movie completely omits how and why Neo became a hacker or why he wants to find out about the Matrix. Actually Neo is a rather flat "messiah" character who is there just for beating up the "bad guys". He doesn't say much except "what is the matrix?" and "whoa". His entire "character development" consists of being kissed by Trinity and coming back to life to kill Agent Smith. That's it.
This film is primarily about "fighting the system", an infantile rebellion against authority. The entire world of the matrix seems to be designed for "cool" things, such as dodging bullets and slowing time, to happen. As usual it's style over substance and the directors clearly have no idea what hacking actually is. (Here's a hint: It involves analysing data from systems and coding your own programs, i.e not dodging bullets in a video game). The only person who actually looks at code in the movie is Cypher and he doesn't do anything except throw some punchlines.
The fact that all of the action scenes take place inside the Matrix makes it all very meaningless. Despite his knowledge of "kung fu" (which actually just means martial arts in Chinese), the fights are just boring old slo-mo wire-fu and contribute nothing of substance to the story. The shoot-outs are painfully unrealistic to watch and also boring because we can predict what's going to happen.
Besides that, the film also pretends to have a philosophical aspect, namely that of "life is just a dream lol" (antirealism?). This has absolutely nothing to do with quantum mechanics and anyone who claims that it does is hopelessly ignorant. Quantum mechanics describes particle behaviour using wave functions at sub-atomic scales. The Matrix describes the world as one gigantic video game. Big difference.
All in all it fails in terms of plot, action, character and philosophy.