Saw Watchmen on Friday. No time for full discussion, but here's the short version of my reaction:
Despite some flaws, it's probably the best movie that could've been made of the graphic novel. (Well, best movie except for the longer director's-cut version that will be coming out on DVD.) Good stuff. If you're a fan of the original, it's worth seeing. I have no idea what non-fans will think of it (and have seen reviews that report both loved-it and hated-it reactions from non-fans).
I hope to post a fuller discussion sometime in the next few days.