According to a letter sent in to AICN, the great Neo himself had this to say...
Keanu stated that he still has an obligation to the fans to deliver a movie worthy of the title “The Matrix” and he swears this time that the treatment will truly revolutionize the action genre like the first movie. Wachowski’s are working on a movie called “Cloud Atlas” at the moment, once that concludes they will talk again.
Reeves also said that he’s met with the Wachowskis and said that they had finished work on a 2-picture script treatment for the next Matrix movies. Wait, that’s not all, word has it they’ve also discussed 3D with James Cameron.
Honestly, I think this is a great idea. Even though the follow-ups sucked, I still think they can reach the greatness of the original. Plus, it's in 3-d, so that sounds awesome. What do you think?
~Keo, The Saturanian~