Too much Matrix hype? I'd say quite the contrary, I've seen way more people being (overly?) critical of the movie, than people extolling its virtues.
In my mind, the movie introduced ideas that weren't exactly new but interesting nonetheless to a much wider audience. And it did so in an appealing package. I think that's a very nice achievement. It's nice to be able to have a meaningful conversation about these topics with non- [ techies | philosophy students | ... ]
Personally, even though I think the dialogue was a bit wooden at times, reloaded wasn't bad, and if they're a bit smart with the third one, the entire trilogy will be really good. (of course there's just as much chance they'll fuck it up completely in the third one, but we'll see that when it happens)
I think you have to ask yourself the question if realism is really that important when you go see a movie. It's like saying that unless a game is completely realistic (like a flight sim) it has no value. As for the fashion sense: it would be just as silly to try to predict what will look cool in the future. Fashion is not timeless. The clothes look cool for the time the story is set in (well, in the matrix at least)