The Watchmen takes a different path, but I think it works. It's already almost 3 hours long, and that's with several subplots excised. Even then, there are a lot of nods and easter eggs from the graphic novel. I could recognize the chapter breaks and there were recreations of specific panels.
I really enjoyed the film, to me it's a nice compromise between being faithful to the source and being a 12 hour miniseries.
Too bad Alan Moore is so opposed to his work being translated to film.
c-1150, licensed comic nerd