I think you're bang on there. Visually, they can create some superb stuff, but they need help with turning their ideas into something that makes a good film. Jupiter Ascending was wonderful to look at, but as a film, it was terrible.
Maybe with some input from other people, Matrix 4 could be decent. Just left the Wachowski's own devices, and I wouldn't have much hope of anything better than average.
Too convoluted. First film was simple. Really, it should have ended at the end of the first film; at least that's the way I feel about it. But hell, this is Hollywood and sequels were inevitable.
Nitefly hit the nail on the head when he put, 'the first film left you in a sense of awe of the possibilities'.
The Wachowshi's decided, rather than let people imagine what could happen next, they would show them. The trouble with that is, for many people, what they did didn't live up to what people imagined. I know it didn't for me. After seeing Reloaded, I was left disappointed. I did come to like Reloaded, but Revolutions was mostly pants. I still like to watch The Matrix and I still think it's a fantastic film, but I've given up watching the sequels.