I saw Watchmen
great. And it is a reasonably faithful rendering of the graphic novel. Probably as good or better than anyone could have expected.
But, it still has to deal with the limits of a motion picture, and of a reasonable length for a film. So, it sacrifices a lot of the depth. Everyone should read the graphic novel either before or after seeing the movie. Probably better before, or maybe both!
The acting ... was not great. It was pretty stiff at points. Malin Ackerman looks perfectly like Laurie Juspeczyk, and is often pretty adequate acting, but has off moments. Jackie Earle Haley does a very good job as Rorschach. I always like Matt Frewer (Moloch) and Danny Woodburn (Big Figure). Others aren't quite so good, seemingly reciting more than acting a lot of the time.
The production values were terrific at times (Rorschach's mask in particular, and Archie, and Blake' apartment), and cheesy in a few others. In particular, some set pieces (doors in particular) don't seem very substantial, like they are the foam pieces that they probably are rather than anything with weight. Bubastis wasn't a convincing as he could have been. And the Nixon nose prothesis was a bad joke, but may very well have been intended that way.
They did keep the meat of the story, though, and it more than carries the movie. I think it's well worth a watch for anyone, but again, read the graphic novel sometime in there as well.
I look forward to the planned extended version on DVD as it sounds like it will restore a lot of the bits that are sorely missed (in particular, the newstand scenes), and fold in "Under the Hood" and particularly "Tales of the Black Freighter".