Well Neo seems to die at the end of the trilogy, but we don't really know if he does or not, but Trinity definitely seems dead. Bringing her back says to me they are either going with the Matrix is actually inside another Matrix, Inception dream inside a dream sorta plot, or it's a prequel, since they may be aiming for a younger Morpheus so they say.
Morpheus then Trinity being red pilled. Trinity's legendary story about hacking the IRS database. The search for Neo. Could be pretty interesting if done right. Hopefully it's more like the first movie with less CGI and effects and less like the last two. Bullet time was just enough of a wow factor.