There is obvious symbolism at work here, some of it heavy-handed, other satirical, but the movie's main problem is it's sluggishly paced second half. Weaving is very good especially considering that he is completely covered the entire movie, Portman looks sexy bald, and the Matrixy fight scenes are kinda cool (The Matrix's Wachowski brothers wrote and produced) but the film eventually bogs down and the doldrums set in as the movie plods to it's obvious conclusion. The movie oozes style and the cinematography is excellent but it could have used some tightening in the editing room. Co-starring Stephen (Fear Dot Com) Rea, as a cop and John Hurt as the dictatorial leader (ironic since he played Winston Smith in 1984 and is now playing Big Brother).
This was based on a graphic novel from DC Comics created by Alan Moore, who had his name removed from the credits after hating the results (he also hated previous incarnations of his work such as The League of Extraordinary Gentlemen and Constantine).