Igor recently observed that (*) does not hold: the complexity of direct sum of matrices may be smaller than the sum of their complexities.
Take a boolean n\times n matrix A such that \XOR{A}\sim n^2/2\log n; by Thm. 2.2, we know that such matrices exist.
Let M_n be the Kronecker product of the identity matrix I_n with A, that is, M_1=A\ \ \mbox{ and } \ \ M_{n+1}=\left[\begin{matrix} A & 0 \\ 0 & M_n\end{matrix}\right] Held (*), then we would have that \XOR{M_n}\geq n\cdot \XOR{A}=\Omega(n^3/\log n).
But the outputs of an XOR circuit for y=M_n\cdot x are the entries of the product matrix Y=A\cdot X, where X is the vector x written as an n\times n matrix. By using the Strassen algorithm, all these entries can be computed over GF(2) using only O(n^{\omega}) operations, where \omega < 2.81 (actually, \omega < 2.4), which is much smaller than \Omega(n^3/\log n), a contradiction.