I've always wondered why there weren't more Matrix games. I know Atari did Enter the Matrix (which was a lot of fun in spite of deep flaws), and I never got to play Path of Neo or that ridiculous MMORPG. But if some company were to come along and give the franchise the same treatment that Lucasarts did for Star Wars (back when they used to make good games)...
There's potential for at least a half-dozen top-notch titles here. The studio could make multi-engine games like the one's from Lucasarts' heyday, with several different vehicle levels and chase scenes in just one game. Add to that real-world missions and Matrix infiltrations.
One game could focus on a "bad guy," a recently exiled program seeking to move up in the Marilvyngian's criminal underground. Another could focus on the journey of Seraph, the program that worked first for the machines, then for the Marilvyngian, then served as a bodygaurd for the Oracle and fought alongside the humans.
The second and third Sands of Time titles showed us that, with proper button-mapping, near-endless combos can be created. This would provide for quite a bit of fun if translated to kung fu / ju jitsu and the like, with the swords replaced with guns. And since the third film references Seraph "beating" Smith, the ultimate boss battle would not sacrifice continuity.