Actually, to quote Gamespy, "Perhaps the biggest technical challenge in the game, however, was properly re-creating Neo's battle against legions of Agent Smiths. The initial tests of this fight had "The One" facing off against 60 Agents. This simply just wasn't enough for Shiny. The company's talented programmers continued working on it, and boosted that total to a very impressive 750 Agent Smiths. Not too shabby, right? Well, they didn't stop there. We saw a demo running on the PS2 that featured a whopping, and we kid you not, 1,500 Agent Smiths dancing around on screen at once. That's ONE THOUSAND, FIVE HUNDRED, people. All at once. We have a feeling that this'll be one long boss fight."
That's from their preview
here. I personally will believe it when I see it, but if it's true, it will be so freaking cool.