Watched it, relatively good.
I have just one really major gripe with the movie (and no, it isn't the lack of squid, the squid is impossible to fit in without making it look like a really stupid joke in a movie of 2-and-a-half hours). The major gripe I have with the movie is its inconsistent tone. While it is really dark and serious throughout, there are occasional moments where it turns its attention to stupid jokes that don't fit the movie. Added to that there's the really bad musical direction.
Usually the music is somewhat subdued, but at times it just blasts popular songs and completely out of tone music. The Comedian's funeral is accompanied by Simon & Garfunkel's 'The Sound of Silence' on full blast. The approach to Karnak is accompanied by a standard upbeat musical piece. It's just really stupid and ruins the atmosphere by going for standard comic-style atmosphere, instead of the dark and realistic atmosphere that permeates the rest of the movie.
Minor gripes are Laurie/Silk Spectre II, who I felt was really badly acted. Dr Manhattan's schlong that was unnecessarily everpresent, Nixon's huge, comical nose which made him look much more like a parody rather than serious character
Okay, so the good:
Visually, it's excellent.
Most of the novel is actually intact, a lot of exposition is left in, and those things that are cut out don't seem to be that needed. I'm unsure how easy it is to follow if you haven't read the comic, though. My girlfriend felt it was too confusing as a 2.5 hour movie, and she's probably right given the amount of different plots that are running.
The only really major cut was the lack of squid. Its replacement isn't that great, but it's adequate.
The acting was really good (apart from Laurie and Nixon), especially Rorschach.
Conclusion: sure, it isn't Watchmen, but this is about as close to Watchmen a movie can get and it's nowhere near as bad as the doomsayers think it is.