Hugo Weaving didn't return because he had time commitments on a play he was in, although he tried to work it out with Lana, but she turned him down.
There has been no public comment from Lana on the reason why Laurence Fishburne didn't return. I know he wanted to do it, and he seemed surprised he wasn't invited back. The new Morpheus is OK, but he's no Laurence Fishburne.
If I had to guess, I'd say it might have been his age, as Joe Pantoliano who played turncoat Cypher, also contacted director Lana Wachowski, offering to be in the new film but never heard back from her.
Since the new Matrix film is set 60 years in the future, I wondered if that is the reason some of the older characters weren't invited back. I honestly think Lana was aiming for a young cast in oder to set the stage for even more Matrix movies, and only brought back the people she had to.
What they could have done if age was an issue, was use Laurence Fishburne's voice in the movie, like Bane in The Dark Night Rises, That was not the voice of actor Tom Hardy you were hearing from! But I agree, his character will be missed.
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I don't know why everybody hates on The Matrix Reloaded. I loved it. While nothing can beat the first film, Reloaded had tons of action, and a unique storyline. It was the third film in the series that left me confused, and I rank the new Matrix film above that one.
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