Now that I've evaluated Spence's edit I can speak a bit more semi-authoritatively on this.
(I haven't seen CBB's v2 or Matrix Regenerated)
Spence adds some new footage that I was really surprised to see. They do a good job spackling bad plot holes. I also like the reduced bad CG work. I loved the judicious use of Final Flight of the Osiris (I very nearly used it as well, but I didn't think it would work nearly as well as it did here). (Btw, I was also impressed by the opening title-ing (sp?)). Some stuff cut I missed, some stuff kept still makes makes my skin crawl or snore (depending).
Anyway, you really have to make your own decision here.
This is one film that is really a matter of taste. For some reason everyone agrees Matrix 1 was perfect, but can't agree what works and doesn't in the sequels.
If you can't take the time to download every version, read the details.
Ask yourself what you liked about these films, and what you hated. If stuff cut were things you liked, and vice versa, it might not be for you. If you find yourself saying, "right on I woulda cut that scene too" give it a spin.
I hope that helps some of the confused still out there. You have a lot of choices, so choose wisely.