I apologize for the lateness of this and other blog posts; I have been preoccupied in my spring break with... Boredom.
So, I published a mini review from my PSP, and that pretty much summed up my view of the movie: here is a more in depth review.

Out of 5 stars, I'd give it a 4.5.

The story: 4.5 stars
It was a very busy story, you definitely have to be awake and paying attention for the whole 2 and some hours to really get the picture. It's more of a psychological examination rather than a superhero movie, and it does a beautiful job of showing what happens when superheroes fall from grace and the effects being a 'hero' can have on your mind. More on that later. It can be a tad confusing at times for some people, but fanatics of the comic will no doubt have an understanding of the story that people who just walked in to see nudity and face bashing will not have.
That's probably the reason why the newspapers are making the story a low point; I totally recommend you do your research, even just a little so you don't feel like an idiot or that this is a crappy story.

The characters: 4.5 stars
I loved the characters, some of them were weak at times, but it's mostly a solid performance from some actors with modest popularity. Silk Spectre and Ozymandias appeared to me as the characters the story could have done without, even though they both play very important parts in it. The casting people could have at least found people with better acting skills for Ozymandias, since he just comes across to me as a prick in a cape and a British accent. Silk Spectre was mostly fine, if not a tad generic, that's my only gripe with her.
Dr. Manhattan and Nite Owl, I'm on middle ground on. Again, the acting could have been better, but the 'not caring but for you' attitude of Doc Manhattan made me love the character instantly. Nite Owl does a decent job of protraying the psychological impact of heroism, being a dork of sorts by day and a retired brawler by night.
Rorschach and The Comedian are what made me give this the extra '.5' marks. My personal favorite is Rorschach, being the anti social retard that he is; he reminds me of myself on a particularly bad day. He is a cynic, and everybody loves a cinematic cynic; look at Heath Ledger if you don't believe me. The Comedian was more than a cynic, though, he was a full out bastard. He killed children, raped other superheroes, shot a Vietnamese woman he got pregnant... But again, he was so compelling, especially when he started having doubts about his morality. Both Rorschach and the Comedian are both acted to Heath Ledger's Joker's awesomeness, in my opinion. Morality is a huge theme in this movie, read on for that.

Themes: 5 stars.
This is where Watchmen really shines. It would take me more than an article to properly emphasize all that happened in each individual character's psyche that made them the way they are, so I'll just sum it up in a few sentences. Superheroes used to be called superheroes. Then they became outlawed, some murdered and the few continuing their 'heroism' are branded as vigilantes. You can imagine what that would do to your mind; being on top of the world and loved by everyone, then suddenly you get dropped and ... It's different for each character, but that's basically it.

Visual Presentation: 5 stars!
This is where fanatics and new viewers can really agree. There are enough fights and blood to satisfy the action movie fans, but the elegance and fluidity of the fights are only really noticeable when you actually look for them. I spent most of Rorschach's fights watching him beat down swarms of creeps, and every punch he throws, every face he breaks, he does it all in cold calculation. The same can be said for Nite Owl, but he fights more like Batman.
The atmosphere is satifyingly dark, creating enough visual contrast from the somewhat colorful vigilantes and the grimy streets of New York city. It's something you really can't explain in words, you really have to see it to understand it.

So, that is what Watchmen is. It's something you have to see for yourself and find out how truly awesome it is.