Today I watched Ultraviolet. Coming from the same director of Equilibrium, I was expecting something similar.
In some cases the resemblance between the two movies is striking. For example, in both movies there is some sort of resistance and the main rebel guy is the same !
The action is also pretty similar, but Ultraviolet tries to be more flashy. It does so by using a lot of computer graphics, which is definitely cheap when compared to today state of the art.

The movie isn't meant to be extremely deep, nor to make to much sense. However there is at least one part where the story is badly patched together.
I read that much of the confusion arises from wild editing. I'm not sure what it is, but this DVD that I rented here surely shows some discontinuity.

In general, I don't agree with all those that bash the movie on IMDB. It's easy to dislike things, less easier is to try to like and understand.
I really liked Equilibrium, but it certainly had a B-movie taste. Equilibrium didn't make it to the theaters in USA but it still became pretty popoular. Ultraviolet perhaps tries to do the same: it tries to be a B-ish cult movie. This makes sense on a business level as improving CG would probably cost exponentially more. It also makes sense as the movie is a projection of a comic, and comics are normally not meant to translate into reality.

I didn't mind the movie although I was hoping for more interesting fighting scenes and less cheesy 3D

cool