Well, some one has to say it.
Yes, yes it was. I saw it yesterday at a second run theatre for $4, and I think that its a classic example of people's expectations queering the pitch. The movie was funny, exciting, well-paced, and had great acting (with the exception of Christina Ricci).
The Wachowski brothers did a great job providing a framework for viewers to suspend their belief from, and I really enjoyed the whole thing. and to note, I hated the cartoon.
the reviewers were right about one thing though. The changing color schemes are a bit psychedelic.