It wouldn't be hard to rework The Watchmen as a commentary on film/tv heroes instead of comic-book ones, and since its a statement about the concept of superheroes, deferment of responsibility, etcetera and so-forth more than about comic-books specifically, the medium is not essential. And a lot of what Moore was saying could be fit into a two-hour film by trimming the plot and perhaps a few peripheral characters.
The most important thing to understand would be, if your just going to try and transfer the comic to the screen verbatim, there's no point. We already have it in technicolour with full audio on the printed page. It would have to be an adaptation,a slightly-loose one, and fanboys be damned, but it could work quite easily if you got a savvy writer, highly-visual director and a clever editor. You'd just have to restructure the entire thing to work as a film, and not as a comic-book that moves.
From Hell was better and we've survived them mucking that up, anyway.
They filmed Moby Dick, and it wasn't half bad.
Plus, I would pay a lot of money to see Bruce Campbell as the Comedian.
EDIT: and Shoegazer, he was basically suggesting it as one big publicity stunt to get people to read the comic, which whilst very well-constructed tells the reader nothing they shouldn't already know.