Many things made this bad.
First, the gameplay. At first, it's pretty good. Once you progress in the game, it begins to bore you. The level design is pretty....lacking in its design. This game, I'm sorry to say, has really taken the fighting from The Matrix and ruined it, unless you go to melee combat, which is when it gets somewhat interesting. But you'll mostly be using the same moves over and over again, and you'll get bored fast. The Brothers really need to come up with better material.
The graphics. I couldn't stand them, especially with this being a 2005 release. Even after I had patched it, there were even cutscenes where entire character models were nothing but a black void.
The sound was decent. The gunfire, to me, was not very realistic at all. The music set the mood in a decent way, but could have been improved.
Conclusion: I was a big fan of The Matrix (movies), but their games have really been a disappointment. They had potential, but never lived up to it.