I didn’t like Revolutions much for lots of reasons. It did had some interesting moments, but it wasn’t a very good movie.
Well, a few comments. I haven't read this entire thread, so I hope I’m this isn’t very repetitive. I'm not making a claim that any of those comments are the ultimate truth, they are just my opinion.
1. The original movie was about mankind's struggle for freedom against evil machines. The sequels are not.
2. Ever since Animatrix, it's clear that on this universe machines aren't really bad. Mankind is evil, and the poor machines were just defending themselves. Bad, bad people. All programs are alive, all programs love. If you delete or uninstall a software, you are evil. Machines and programs love, have sex, get jealous of their partners, and even reproduce. This nihilism sucks. It's dehumanizing too, since there’s nothing special about men.
3. Transcendence is gone on Revolutions, except for the symbolism. It’s interesting how Neo walks around dressed like a catholic priest. Neo sacrifices himself, the cross, the “Deus Ex Machine”, and all that.
4. The “red world” Neo was able to see. Now what could he see? Not any machine, because he couldn’t see the Logos. “Living” machines. And when the “ghost” of a sentinel passes through him, you could even say the “soul” of that machine.
5. The "Real World" was real, and there was only one Matrix at that time. Neo was not an AI, or a program, he was just a guy. I don’t think Smith was part of the previous processes. Smith was destroyed by Neo’s sacrifice, and the technical details of this aren’t really important.
Note: The IMDB forum about this movie is terrible, mostly because it consists of fan-boys claiming anyone who didn’t love the entire series didn’t really understand it.