I'd prefer the take DC was going for after the last Crisis where they had an Earth where the Charlton heroes lived BUT they resembled the Watchmen characters. I thought that was rather brilliant and was what I've always wanted to see done, knowing Watchmen, the books origins.
That makes the most sense from a creative standpoint. But that doesn't give the goatfucker a chance to slap the word "Watchmen" on the cover.
