You guys who are calling the plot convoluted and frustrating to follow need to increase the dose on your Ritalin! If you pay attention to what's going on and can properly understand what is present day and what is the past (i.e. back story, flashbacks), the plot is very coherent and not that hard to follow. There is a LOT packed into this film, and as others have said, it's not some mindless popcorn flick that you can casually observe and still come away with the experience the director intended.
I'm sure there is a lot more to the Watchmen mythos than what I was able to gather from one viewing of the Director's cut, but I thought this was a kick-ass film. Aside from having to watch Dr. Manhattan's schlong bouncing around on my 133" screen all film (why can't that guy keep his panties on, anyway?), I have very little to complain about. Once again, I feel that Ralph's review was spot-on. I don't usually find my opinions this consistent with someone, but Ralph and I seem to be of one mind with regard to a lot of these films.