My friends and I caught the midnight showing this morning and I'm sorry to say the I wasn't quite as impressed as some of the other members who saw the movie. While I agree the movie looked fantastic, with tons of atmosphere and some great, brutal scenes, as a fan of the comic there were a few decisions that left me scratching my head.
My main gripe is that Rorschach's monologues, some of the most powerful and important parts of the comic, were almost entirely omitted with the exception of the opening scene. These writings really did a lot to explain Rorschach as a character and to really show the reader how he views the world around him. Also, his descriptions of the comedian really helped paint a picture of just how bat-shit crazy the world had become. Sadly, leaving these things out, as well as pretty much any semblance of his childhood except for a ten second flashback of his mother whoring herself out, really made his back story seem a bit disjointed and shallow. Without any of that information it's hard to understand how he himself became a vigilante.
That said, with such little focus on Rorschach as a character, combined with the complete omission of the Frontiersman until the end of the film, it's hard to appreciate his journal ending up in the crank bin.
That's not to say I didn't enjoy the movie, but I really feel we could have done with maybe two or three less scenes focusing on Night Owl's bare ass, and maybe replaced them with a mention of the Keene Act, or perhaps actually showing what happened to Hollis. These are two very important parts of the story that are for all intents and purposes completely absent. Also, the banter between the news vendor and the kid reading The Black Freighter did a great job of reflecting the attitude of two completely opposite everyday people caught up in the hysteria of a world gone crazy two ticks from nuclear Armageddon. Saving them for a quick, wordless cameo did a great deal to marginalize the human element of the story, saving all of that for Nixon and Ozymandias, who frankly, don't express those emotions quite as well.
That's my take on the film anyway. I sincerely feel that anyone who goes into that theater without first having read the graphic novel will be thoroughly confused and disappointed at this disjointed and unevenly-paced big screen adaptation. However, if you've read the book already and know enough to fill in the gaps, then I suppose the movie serves its purpose.