Firstly, as everyone has acknowledged, the opening credits were great. A montage moving through the 40s to the 80s with Dylan's "The Times They Are A-Changin'" shouldn't have really worked, but it did. I'm watching it now, and it makes me wish I liked the film more than I did.
Saying that, the music later just seemed a bit uninspired. I'd predicted All Along The Watchtower would show up way before it actually did.
The dialogue was also a little strained - you could tell where they'd lifted whole passages from the text. Whilst they may work in print, I think some felt too ham-fisted and full of cod philosophy on screen. Rorshach's opening monologue comes to mind.
Casting-wise, my only real complaint is Ackerman as Silk Spectre II. She just seemed to have been cast because she was good-looking, but fluffed up a few lines and her accent seemed to slipped a little. I've got no qualms with Goode as Ozymandias though, after looking at the pictures of him from the comic, he does seem a little thin and lanky.
My main niggle with those two characters were that they didn't really have anything to do, especially Ozy, who was a bit-part player until the final scenes. The focus seemed, to me, to be too much on Dr. Manhattan, who I couldn't empathise with at all. If, indeed, I was ever meant to. This will probably anger the fans of the comic book, but I thought the bits on Mars were dull and overlong. I get the fact that it's meant to show his distance - mentally and physically - from humanity, but in a less faithful adaption they'd be one of the first things I'd cull.
I'd also like to have seen more of Nite Owl and Rorshach, though that might have been all we got out of them from the comic too. The latter was probably the best character in it, and they could easily have been less faithful to the source material and centred it all around his investigations.
My biggest criticism is regarding the main plot. We are treated to about two hours of flashbacks and character introductions, splashing about through time (and space) and then, suddenly, the end comes harshly into focus and it all ends rather suddenly. This is one area which will benefit a 12 issue comic, I reckon.
We see little of Ozy and then are supposed to be either shocked or appalled at his philosophies, when we've barely been presented with them (plus, I twigged who offed the Comedian as soon as I realised that his assassin was also tall, thin and superhero-esque). The movie before then had been such a mish-mash of styles that it almost reverted into a cliched comic book movie by the end, as it didn't go a great job of painting Ozymandias as a conflicted "good" villain. Rorshach's journals and investigations taunted us with in-depth foreplay, before the movie shot its load at once and we were suddenly in Antarctica and there's a weird cat thing prowling about.
Likewise, the threat of World War Three wasn't as omnipresent as it should have been. It didn't feel like Ozy should have gone to such lengths to ensure peace, as there wasn't enough foreboding or inevitability about nuclear war. It was all kind of offhand and throwaway, like Dan and Laurie's remarks about it over dinner. Maybe this is the hindsight of 2009 and a time of relative peace and comfort, but it didn't seem like a nuclear holocaust was just round the corner.
As a result, there wasn't really an urgency or tension during any point of the film. That is by far my biggest criticism. Saying that, anyone who says the film is irrelevant or quaint because it is set in the 80s and we no longer face the threat of nuclear war is, quite frankly, an idiot. It's obviously a product of its time and this would only have been an issue if they'd tried to update it for today. As it is actually set in 1985, then all the concerns and fears it brings up are valid. It's like criticising a WWII for being too concerned with Nazi Germany.
I mostly enjoyed the subversions of the superhero genre - the fact that Superman can't emphasise with humanity, the fact Batman is impotent, the fact the Comedian is a violent rapist and the main villain of the piece wants to stop the Cold War. There were more plus points too, but I've forgotten those whilst making lunch.
Oh, yeah, and Nixon's false nose was horrendously bad, as was the original Silk Spectre's age make-up. It was like watching Lea Thompson in Back to the Future II!
Overall, I think the fact that it was so faithful an adaptation stopped it being a great movie. Though, it's probably the best shot at a faithful Watchmen movie you're ever going to get. Some of the things, I think, would have improved it as a film may have detracted away from the original comic.
I've not read that, but from what others are saying, it seems like it'd be a beast to adapt, so perhaps most of the film did a good job. It did limit it to a certain degree, though.
The film definitely did feel like it was nearly three hours long though. Fans may have got through the running time alright - and even wished it was longer - but I was certainly feeling it by the end. And I'm not normally adverse to long-running features (the last one of this length was Benjamin Button, which seemed much shorter, though admittedly not as dense).