Roger Ebert is probably the biggest name critic with the best sense of mainstream appeal working today and, he gave it a big "thumbs up":

  • After the revelation of “The Dark Knight,” here is “Watchmen,” another bold exercise in the liberation of the superhero movie. It’s a compelling visceral film — sound, images and characters combined into a decidedly odd visual experience that evokes the feel of a graphic novel. It seems charged from within by its power as a fable; we sense it’s not interested in a plot so much as with the dilemma of functioning in a world losing hope.

    ****

    The film is rich enough to be seen more than once. I plan to see it again, this time on IMAX, and will have more to say about it. I’m not sure I understood all the nuances and implications, but I am sure I had a powerful experience. It’s not as entertaining as “The Dark Knight,” but like the “Matrix” films, LOTR and “The Dark Knight,” it’s going to inspire fevered analysis. I don’t want to see it twice for that reason, however, but mostly just to have the experience again.