Came out of the Cinema and said "Apocalypse Now of Comic Book films", and "Too much Blue Wang"
The first statement is a complement, in the sense that I really enjoyed the film but due to its length its one I will only watch every few years or so.
I thought it was a really well shot film with decent characters, a good story, great soundtrack. I really enjoyed it.
I had not read the comic book before seeing the film, but have gone out and bought it subsequently.
In terms of the Superheros abilities, I know the comic seems to portray them as average people that donned masks and fought crime. And maybe in the book they are. In the film I think it is inferred that they are slightly genetically superior to average humans (i.e. naturally smarter, stronger, faster, tougher, etc) This is demonstrated by the Comedian and Ozymandias fight at the beginning of the film. Where the Comedian takes an awful lot of punishment punches through a brick wall and is thrown out of a hardened plate glass window at the age of 60-70 years old. Again Ozymandias' claim (and subsistent demonstration) of being able to dodge a bullet point blank.
Dr Manhattans wang being out for half of the film was to show that over time he was becoming less "human" and more removed from society. Cloths being used by humans to protect them from the elements, cover "socially unacceptable body parts" and as a display of status/wealth. As he has no peers in terms of intelligence or power and no need to be protected from the elements his clothing was really only to keep with social etiquette, as he became more distant from humanity, social etiquette became less important to him. In fact he only really got dressed up when society demanded a certain appearance (in much the same way a chav will put on a suit when appearing in court)
I also liked the way the story showed that whilst all these characters were "Superhuman" they were all also Human and prone to all of humanities flaws. In particular many of them developed varying degrees of god-complexes (Comedian, Dr Manhattan, Ozymandias, Rorschach) possibly as a result of their abilities and the view that they could act with impunity.
I liked the way the story was told with Flashbacks detailing how many characters came to be and the impacts of their pasts shaping them, they may have at times come at confusing points in the film, but lets not forget this was a murder mystery. Mysteries by their very nature are confusing.
This was Rorschach's story and it was sad that he did not live to tell it in person, but I think that it was his fate to die as he was incompatible with what the future held.
Dr Manhattans absence of humanity and logical disposition made it very easy for him to accept that Ozymandias actions were the best action considering the options available, the other two realized their was nothing they could do now that it had happened and any action to gain retribution would be futile and possibly make matters worse than they were to start with.
Ozymandias as already stated had a God complex and whilst showing some remorse for his action, the arrival of the other watchmen, allowed him to feed his narcissistic personality and gave him the opportunity to boast about his "accomplishment".