I liked the third one because it was based in the real world mostly. But it took way too long for trinity to die.
I'm glad I'm not the only one who thought she took WAY too long to croak. In terms of fights and action it's the last two. But when you factor in innovation, storyline and action was one cohesive piece I'd say first one for sure. The others kind of bored me with the dialogue and the fights weren't THAT great (I saw crap I've seen in Xiao Xiao flash movies and DBZ). The first one was a nice balance of talking and action. And there's SO many little secrets in the first one that people don't know about. Plus it introduced bullet time. First one pwns.