My sentiments exactly. It's like there was no massive outline for an entire series to start out with, or else at the end of T2, it accidentally got put through a shredder about 17 times and now nobody can make cohesion out of anything. Therefore (as the original writer and story creator forgot himself), there has to be some sort of half-arsed compromise. A mediocre-at-best third movie, a pretty good TV series and what could be a saving grace of a fourth movie was that compromise.
However, back to Watchmen. When i first heard the rumour little over a year ago, I was skeptical that it wouldn't work. There's too much going on and they'd have to split it into 2 parts. I can only hope this is the epic we've all been waiting for.