If you've seen The Matrix, no need to watch this

A lot of similarities, yeah. If somebody's got a yen for The Matrix, though, I'd turn to Dark City maybe even a little faster than Equilibrium. Equilibrium has all the Matrix-esque trappings like trenchcoats, cool cinematography, and stylish gunplay, but Dark City gets more at the reality-bending philosophical stuff...plus they use some of the same sets.

Doesn’t have the plot of Matrix, with the idea of a false world, a savior, a prophecy etc.