Have you ever seen a franchise fall so far so quickly as The Matrix?
The first film came out and it was soooo cool and different and made you say "What the hell did I just see?". It got a groundswell of support, became a cultural phenomenon, and inspired a lot of other films, TV shows and games. News Week even had Neo on the cover and declared it "The Year of The Matrix".
Then the second film hit. The luster came off the franchise, many fans were pissed off and felt cheated, and it generally left a bad taste in most viewers mouths. The Enter The Matrix game did nothing to help the cause. By the time the third film came around, which I happened to enjoy, the damage had been done. Many fans weren't going to like the third film because the second one didn't meet expectations.
I think this attitude has carred over to The Matrix Online. Many Matrix fans felt burned by the last two films, and feel that this game, fairly or not, is going to suck. Many of the previews make it look like it's a fighting game where you get to dress up your character in all kinds of outfits. There isn't enough info out there to really know what the game is about. What you'll be doing on a daily basis, are there quests, etc. I fear that TMO is doomed even before launch, in no small part due to the general let down of last two films. It's a shame, but I also think it's a reality.