I honestly think WATCHMEN is only a "classic" for its time. The take on comic book characters being deconstructed has been repeated and copied to the point of it being a near industry-standard now. That's why the movie didn't "impact" viewers like the book did in '85. It's nothing special....just ahead of its time. But that "time" has come and gone now. So, BW is no more 'ethically' offensive than the STAR WARS prequels...
A friend and I started to talk about that very thing. Deconstruction has become the norm now, not just of comic books. It's no longer clever. It's the status quo. Pretty soon all this cynicism will get pretty depressing.