"Watchmen is set in 1985, in an alternative history United States where costumed adventurers are real and the country is edging closer to a nuclear war with the Soviet Union (the Doomsday Clock is at five minutes to midnight). It tells the story of a group of past and present superheroes and the events surrounding the mysterious murder of one of their own. Watchmen depicts superheroes as real people who must confront ethical and personal issues, who struggle with neuroses and failings, and who - with one notable exception - lack anything recognizable as super powers. Watchmen's deconstruction of the conventional superhero rchetype, combined with its innovative adaptation of cinematic techniques and heavy use of symbolism, multi-layered dialogue, and metafiction, has influenced both comics and film. "
The Watchmen Movie Site
The Watchmen Movie Site is officially up with a brief synopsis and cast listing. Here's a sample storyline: