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I read a few things about Matrix 2, and as for new effects, they developed something for this film that has never been used before. I forget the technical name, but they can reproduce people/environments 100% real. The scene where Neo fights 300 of agent smiths, each agent smith is 100% authentic, you cannot tell which is the real one.
Also, I believe 300 million is the total budget. 1/3 of that money went to build their own highway, which you will see in the chase scene at the end of reloaded. It is a 2 mile continuous loop, that was built on an air force base, just for the movie.
This is all what I read in an article about a month ago, I'm pretty sure it's all correct.
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