Gotta point you to Eve Tushnet's outstanding dissection/essay of Watchmen.
As you may have noticed, essays aren't exactly my strong suit. I couldn't write something like this in a hundred years, well, I could write something, but it would be nowhere near as insightful and plain ol' fun to read. Which is why you don't see that much of that sort of thing over here. I'm so jealous.
This should be required reading for the kneejerk-reactive knuckleheads who think Moore's magnum opus is overrated.
Anyway, enough- go read, already! Go!