I have been hearing a lot about Watchmen movie lately, and quite frankly I am not holding my breath to see it. I have been a fan of Moore's since the mid-80s and have seen every film adaptation of his work, and they have all sucked (except, perhaps, From Hell). There seems to be something about a Moore story that does not translate well to film. Gibbons appears to like the adaptation, or at least doesn't hate it. Moore, on the other hand, once again refused to attach his name to the project and will not be credited. I hope I am wrong though, I would love to see a live action Watchmen that does justice to the story. I really, do. However, I said this about V For Vendetta and was horribly, horribly disappointed. The Warchowski Brothers proved again that they were incapable of making a decent film or an even half decent screenplay. They couldn't even get the opening scene right.
All that being said, Watchmen probably doesn't even need to be made into a movie. Kind of like how Raiders of the Lost Ark really didn't need sequels.