A worthy monument to a visionary masterwork -- but although its core messages translated, much of the original's subtlety and cleverness became (unpredictably) obvious as executed. B+.
And a note to those who watched the film with me -- it seems our recollections were wrong! Sadly, two of the most intrusive music cues do not appear to have been taken from the original. http://www.watchmencomicmovie.com/watchmen-comic-songs-music.php. And in fact, I now recall, thinking back, that that one scene (not to spoil it for others) worked much better with the original song, than with the one they used. Dagnabbit.