In no particular order here are my thoughts:
1. I was not as distracted by the blue junk as others seemed to make it out to be. But I guess there is one advantage to being made of so much atomic heat, he never does have to worry about shrinkage.
2. The first group, the Minutemen were all ex cops. The second group, who knows where they came from with few exceptions. My question is that Dr Manhatten is the only one with true super hero powers. So how does Roscharch jump 10 feet effortlessly and how do the others kick butt so well. Sure you can say Batman didn’t have superpowers either and he could kick butt, but a little backstory would help.
3. Jackie Earle Haley as Rorschach was great. Then he removed his mask to reveal himself as Walter Kovacs.

Jackie Earle Haley as Walter Kovacs - Rorschach unmasked (image from dvd-forum.at)
I obviously wasn’t the only one to think the part could have easily have been played by Danny Bonaduce. (in looks and personality) Come on, this could have been Danny’s big comeback.
- Danny Bonaduce (Image from TVguide.com)
4. The movie went to great efforts to show the origins of Dr. Manhatten but left me wondering about the others. How/Why? Sure you can say the first X-men movie only gave a background on Magneto but there was an overriding element that they all were misfits who had different powers. I couldn’t feel for the characters as much in Watchmen. Because there was no backstory on how Comedian came the be the asshole he was, it was hard to feel anything when he broke down in tears or even a feel good that he died.
So those are my two cents. Anyone with the answers, I would be happy to hear them.