i was going to post this matrix theory i have yesterday, but i got sidetracked. i've told james, jason, or jerod this theory (maybe more than one of them), but i don't remember who.

remember in reloaded, merv's "orgasm cake"? this makes it evident that a program in the matrix can embed code in objects, to achieve some sort of end.

well, i have a couple theories about the cookie the oracle gave neo in the first movie..

the cookie of choice
the oracle is, throughout the trilogy, teaching neo about choice. even though SHE knows what he's going to do, it's still HIS CHOICE. she's not TELLING him what he's going to do, while she may be INFLUENCING his choice(s). there's a difference there.

you'll remember in the matrix, the oracle offers neo a cookie, and he takes it. in reloaded, she offers him a piece of candy (one that looks like the red pill!) and he takes it.. but does not eat it. in revolutions, she offers him a piece of candy, and he refuses. (she also leaves the cookies, one for each smith, on the table, deliberately, purposefully, and smith knocks them away.)

the cookie of power
the cookie contains code, like merv's cake. it contains code to "reboot" neo after he is killed by smith. once he is resurrected, he realizes his true power in the matrix and becomes the one.