Read the comic or watch the movie but don't play this.
This is a review of a play through using Rorschach on the PC version of Episode 1 and I have just come off of the awesomeness that is Batman: Arkham Asylum (B:AA) and needed something to spend some time on until Arkham City.
Gameplay: This game has a very bad fighting system that breaks the golden rule of fighting games; if someone is in front of blocking you then, you can throw them as consequence of their persistent blocking. I've never seen a fighting game that has throws that this rule wasn't applied. I guess it is because you can't throw enemies when they are facing you, but the enemies can, WHAT?
The only way to beat enemies seems to be like this; isolate 1 guy, combo him (pray to god he doesn't block you because you can't do crap then and if he throws you at least you can run away after you get up because you are almost always healing.) to build your rage meter, KO this guy, activate rage, then critical as many other goons as you can.
The enemies can also combo you to death in a group with weapons in as little as (what looks to be) 2 hits. What the?
There is no excuse on why this game couldn't have been almost as awesome as B:AA is. (B:AA holds the Guinness record for the best reviewed video game based off of a comic book, and yes it is that awesome.)
Watchmen is only a few months older than B:AA but it could be said the Unreal Engine 3 that B:AA uses helps with models and gameplay physics, this may very well be true and if it is there is no reason Watchmen couldn't have used this engine as well (which is now nigh open sourced).
Atmosphere: The story is very repetitive and boring considering that the same group of enemies come after you in each chapter (Yeah, we had the same enemies in B:AA for the whole game BUT we had detective mode which made everybody a walking skeleton - there is an illusion there and Watchmen doesn't have it).
The game makes Rorschach sound like an idiot when he speaks. Rorschach speaks in fragments and such in the comics and movies which works well in small portions. He doesn't speak like English is his 3rd language coming off being a deaf mute his whole life. This is how he sounds in the game.
The game is co-op and you can choose either but you can't switch characters during a play-through. If you're playing single player as Rorschach, then while you're getting your ass handed to you whilst getting teased about how your mask is your mother's pantyhose and your testicles will be scrambled for breakfast (his or mine? and is there a huevos joke in there somewhere?), all Night-Owl does is stand there half the time while he asks for your assistance in about a dozen different ways.
These seems to be no regulation in the AI either, the enemies just come at you and you're supposed to take on all 90 of them at once?
Graphics: They're pretty good, I see no reason to knock it on the graphics, it seems to max out around 256mb on the need for a graphics card, so it seems like it was developed for consoles rather than PC. This game does look better than it plays.
Sound: The effects are all there and the only thing that bothers me is the repetitive insults the enemies spurt. The voices of both masks are provided by the actors who played them in the movie.
Learning curve: I honestly don't know where Watchmen got ideas from their fighting system from, its not fun and should have been shelved just for this fact alone.
This game is like a roller coaster before you ever rode one; it sounds good in theory but the abuse you put your mind through just isn't worth it. Just pass this game up.
It seems that the developer didn't make similar games and Watchmen is their last published title.