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Gotta say, I think this is a great movie. But I wouldn't say it's the best adaptation. As great of a film as it is, it is emotionally draining and it's not something that I would consider watching repeatedly. I just can't get my head around Watchmen being two or three hours long. I always felt like the series depends on an almost-miniseries build-up.
No, it doesn't bother me at all that the Extra-Dimensional Biological Entity is not in it (however, if that bothers you, I understand, and you have my sympathies). The one change that bothered me was how they changed Rorschach's origin scene, because the filmmakers felt that it was way too similar to the climax of the first Saw movie, and my feeling on that is that Rorschach's origin was already a rip-off of Mad Max's origin. So why is this an issue now? Other than that, I really enjoyed this film.
As much as I don't like Zack Snyder, I can't deny that he is a brilliant visual creator and everything in the trailer seemed right, if not completely spot-on. To be totally honest, I even geeked out a little when I first saw it.