I saw it with my son. Totaly agree with your analysis. Poorly edited. Twisted story line. Second rate acting. Poor premise continuity.
Oh well, I am waiting for the remake of When Worlds Collide".
MATRIX SPOILER ALERT--The movie also had some frustrations--I was filled with "what I would have done differently." Morpheus lost his faith, which should have been a moment of high drama. Then Neo suddenly has unexplained powers IRL, also without drama or explanation. I detested that long, confusing final episode with the Architect spouting endlessly.
I did really like that rescue of the Keymaker, with that French guy being so disgusting...was he the program for Jaques Chirac? Would like to see Persephone developed as a character.