While I also enjoyed the movie and agree with Bob on most points, it has come to my attention exactly why this movie will not be recognized for the masterpiece it is as an adaptation, a super hero movie, and a film in its own right: Dr Manhattan's penis.
Remember how back in 1991 when, to hear some people tell it, mostly middle school kids, that Silence of the Lambs was about a guy who tucks his penis between his legs so that he looks like a woman? Yeah, when those kids are adults now. Not that you'd notice because they are not one iota more mature. Therefore, to them, Watchmen is a totally gay movie about a naked blue guy and, *giggle, giggle* you can see his penis.
This kind of shit pisses me right the fuck off, but what it proves to me is that the world at large is not only not ready for a movie like Watchmen. It does not deserve a movie like Watchmen. It may not even deserve the empty explosion fest that are Michael Bay movies. They refuse to grow up and good things are like pearls before swine.