Yes gritty, film noire, dystopian and awesome (Score 2, Interesting)

It follows the spirit of the comic in a Hollywood package (read, can't possibly be identical). In some ways it's better - real people doing the same things is quite vivid and confrontational, thus the 'R'. The characters convey the same foibles and characteristics in much less 'time'. I like the revised ending... the alien thing seems a bit gratuitous to me anyway; at this point, we are meant to be left pondering the fact that Ozymandius is right, damnit!

The soundtrack rocks too. Make sure you see it in a decent theatre on a big screen with a honking sound system, so Jimm'y's All Along the Watchtower and Archie's thrusters can have full effect.

All in all, given there is an Director's Cut, extended edition with the comic book in a comic book coming, I'd almost be prepared to think this could grow into a cult film (not certain though). It's good enough to warrant watching the Watchmen again.