The whole thing just works a lot better as a bunch of panels of artwork and writing than it does as live action film.
Anybody see Tales of the Black Freighter yet? Not that the story is all that spectacular, and doesn't mean a whole lot outside the context of the film, but I think they did a fantasic job on the thing. I am looking forward to seeing the "extendeder" cut of Watchmen to see how they fit it into the movie.