Basic plot involves Justin Timberlake and Sean William Scott trying to get into their apartment, but being sucked into the Matrix due to the intervention of the key-maker (Randall Duk Kim amusingly reprises his role from the film). They then travel to a number of Matrix Reloaded set pieces and interact with real characters.
One of the highlights is the meeting Neo has with the oracle, as although footage of Keanu Reeves' hero are used, the oracle is replaced by Wanda Sykes responding to Neo's lines and also the appearance of Timberlake eg. "Hey, your that boy from N-Sync!". The lines are put together so well it is ultimately hilarious. Also notable is the appearance of Andy Dick (a regular is such shows) as a clubber at the rave in Xion culminating in: "Morpheus is having a massive Orgy at his place tonight, at least that's what many of us have heard" to which the in-film Morpheus announces "It is true what many of you have heard". The appearance of Will Ferrell as the architect, better known as Larry is truly wonderful and the interaction/non-interaction with Neo in the scene is side splitting.
All in all, a hilarious send up that is by far and away MTV's best lampoon. 9/10