I haven't been on this thread to avoid spoilers, but I'll post my mini-review:

I did not like it at all. Overly long, overly boring. When you make a movie about characters that just don't care about humanity, its hard to care. They barely batted an eye when one of their own kills millions of people and frames another one of their friends, why should we?

Maybe we are just too far removed from the Cold War, maybe its just me. Nothing resonated with me. Watchmen didn't make any of the points I was led from the trailers that it would. I thought by Rorschach's line in the trailer about people looking up for help and him saying no that the story was about heroes who were outlawed and when the world really needed them they refused to help.

This is really disjointed. I'm going to write a review on my blog that is more coherent...

EDIT: Here is the link to my review. It's still pretty disjointed, but hey, so is the movie. ;-)