[T]there are problems both with the tale, which was an awful lot more subversive 20 years ago than it is today, and the telling, which in contrast to Moore's radical experimentation is disappointingly staid and straightforward.
For such an epic spectacle, it's not burdened by a lot of clutter. It's intellectual complexity seems well-earned, not gratuitous. It's also visually stunning.
Those unfamiliar with the work may be completely bewildered, but stick with it -- this is a bold and uncompromising take on one of the genre's sacred cows that stands up to repeat viewings.
Watchmen the movie provides ample evidence that more is more, but less might have been closer to Moore in spirit (that is, anarchic, witty and compelling).