I've had a few days to let it digest, going back and forth about how I feel about the movie. In short I'm glad the movie was made, and I think Snyder did the best he could (especially considering some of the uphill battles he had to fight with the movie execs). Ultimately though, it doesn't come close to the graphic novel. Anyone who went into the movie thinking it would was setting themselves up for disappointment from the beginning. I think the best anyone could hope for was a reasonably clear facsimile of the novel, and I think Snyder delivered. Even though some changes were made to cater to the audience that hasn't read the novel, it is readily apparent that the movie was still for the most part lost on them. And hell, it's not their fault. They're unable to rightfully appreciate 75% of the movie because they have no frame of reference to do so. It was a movie made for "us" and thus will suffer at the box office because of it. I was absolutely amazed when I caught the Saturday night show and there was maybe a total of 40 people in the theater (my party being five of them).
Some people said that it was an unnecessary movie, and I can definitely agree with that somewhat. But I don't think Watchmen is any worse-off by this movie being made. It was full of "THEY GOT IT RIGHT!" moments, despite the pock marks that have been discussed to death. Snyder's heart was definitely in the right place when he made this film, and I can't wait to see the extended cut.