The world has changed too much to do it right anyway. When Watchmen was written it was dealing with fairly "current" issues. To go back and play with it now, would basically involve writing alternative history which would lose a lot of "oomph" and there is no way a lot of issues parallel to the ones we're dealing with now could have developed from that work.
I see the potential for someone to do something similar to Watchmen, but as far as far as using that name and liscencing... no, just no.
Personally I think if someone wants to go for a similar vibe they might want to look at Warren Ellis' "Transmetropolitan" series. It's not a super hero tale in the same way, but makes societal criticism in a vaguely more relevent way.
I see the potential for someone to do something similar to Watchmen, but as far as far as using that name and liscencing... no, just no.
Personally I think if someone wants to go for a similar vibe they might want to look at Warren Ellis' "Transmetropolitan" series. It's not a super hero tale in the same way, but makes societal criticism in a vaguely more relevent way.