I didn't read every post in the thread, so forgive me if i bite other peoples comments.
From an interview I read, it seems that Snyder really wants to do the best he can faithfully adapting the comic. He's been fighting with the studio over the length. He wants it to be 3 hours, and he's fighting with them because they want it cut down quite a bit. One story element he is fighting to keep in the movie is Hollis Mason. With 300, he did a pretty good job of adapting the graphic novel to film. Watchmen is NOTHING like 300, but seems to really want to do it justice, so i'm giving him the benefit of a doubt. If I had to put money down on it, I'd say that this is going to end up pretty mediocre, but I'm hoping it ends up being good.