I finally saw Watchmen and loved it. I'm normally an insane literalist when it comes to movie adaptations, but in this case I think that the cuts and small changes that Snyder made streamlined and, dare I say, improved the story. I even think that the movie ending might be better then the original. Then again, I was never a big fan of the squid. I always thought that it was a bit cheesy and didn't really fit in with the rest of the book.
If you've read the book and, for some reason, haven't seen it ... go now (or the next showing). If you haven't read the book ... read it now an then go to the next showing. An absolute must see.