I have sort of mixed feelings on this one: For starters I feel like the art direction looks too detailed and the lighting is a also a bit too film noir. Although it looks like they have some characters nailed down like the Nite-Owl and Rorschach, other characters like Adrian Veidt don't feel right. Also for me I associate Watchmen with the music of the late 80s when the comic was produced — I would have loved to hear something like an updated version of Pop Will Eat Itself on the soundtrack rather than the Smashing Pumpkins.
But maybe the main thing is that perhaps DC Comics should have thought of doing the movie as traditional animation rather than live action? If this was a Japanese film based on a manga there would be no question that we'd expect to see something akin to an Akira. But in Hollywood animation is always thought of as something for kids, it would have been nice to see them take a chance instead of produce yet another film that looks like Batman.