So, I just got back from seeing Watchmen. (some minor spoilers)

It worked. There were some things missing that I would have like to have seen and Sally Jupiter didn't look 67 years old as she claimed to be, but somehow they managed to get most of the graphic novel story into the film, including some background on the Minutemen.

The visuals were great and they didn't change too much from the source material. Certainly with the time constraints I can see why they condensed some material (Rorschach's session with the psychiatrist was pretty much a single scene, for example) and cut a number of background characters out, but all in all pretty decent.

Would have liked to see a little more Bubastis (which looked a bit underfed to me). But they didn't balk at some of the violent and sexual content of the graphic novel, so that's a plus.

Hopefully the director's cut will add a few more details (more background of Sally and Laurie would be nice as well as a bit more into the complex relationship of Sally and the Comedian and Laurie's dislike of him).

Overall, it is well worth seeing. Just don't take children. It is not a movie with children in mind.