I finally caught the film today and was pleasantly surprised. It was better than I expected to get after a twenty-plus year wait, and far better than I expected after reading this thread. I agree with most of the criticism. The additional gore is not only appalling, but it adds nothing to the story. (I found it almost as intrusive as "300" popping up here and there.) The movie definitely has the "everything thrown in but the kitchen sink" feel, but it's not nearly as bad as some other adapatations; the abyssmal Dune comes to mind. Of course, I came to the film with full knowledge of the story, but then I saw Dune the same way. The soundtrack in particular was a pain, but for me it wasn't due to the choice of music (though I'd rather have seen them stick to eighties stuff) but due to the influence of music videos on modern film and television. Story-wise, I thought they did an excellent job, although certainly a twelve hour movie could have presented it better, but let's get real. I also have to agree with Alexander's evaluation of the acting ability of the woman playing the Silk Spectre.
All in all, I think it was a decent job, and much better than anyone had a right to expect. The real argument, of course, is should the attempt have been made at all, knowing the compromises that the film medium would demand in the source material. There just wasn't that much to cut in the original work, time constraints or no.
Biggest disappointment? The scene where Rorshach figures out what happened to the kidnapped girl. It was handled so well in the book (I couldn't turn the page, without conciously realizing why) that it was a major factor in the book. In the movie, just another scene. Oh, well...