I couldn't decide for a good while whether I was watching a work of genius on on the same level as Donnie Darko, or just a really really long episode of Desperate Housewives.
In the end I liked it's oddness: I liked the unexplained narrator, the unfinished stories, the unresolved nature of the whole thing.
The clown hat?
It's a tough old watch sometimes, a real slow burner but you feel inexplicably rewarded at the end. A small reward, but a reward nonetheless.
And if you're into playing 'co-stars' a really good route out of Watchmen and into a Kate Winslet mainstream, with Rorschach and Nite Owl reunited in a particularly unexpected way.