Recently caught the flick.
The key characters have come out quite well, although the actor playing Adrian Veidt/Ozymandias should have been less puny and thin. Rosharch's mask was pretty cool changing shapes every now and then. So too Nite Owl's mobile "Archie". Dr. Mahanttan's blue dick was quite funny as well, so too Nixon's pinnochio nose
However the creature Bubastis should have been more bulky and beautiful.
Now as for the storyline, the Director did quite a good job generally capturing Alan Moore's themes which are very complex and deep to condense into a 21/2 hour film, however he did miss out on the corresponding marooned sailor comic character theme which was read by the black kid on the street next to the newspaper street kiosk and the great philosopher references.
Oh and what sucked the most was that the Director changed the ending from Moore's original version, which was quite surprising since it could have been done on film. Quite strange.
All in, I strongly recommend people to read Alan Moore's original comic first before seeing the film.