Even if they did it for 10 hours, it still wouldn't work as an "accurate" adaptation. Watchmen, although it had a great story, it wasn't the GREATEST comic book story ever told (take note, Spiegelman's comic book Maus won a Pulitzer, which is the greatest prize in all of literature). Other contenders for greatest comic book story ever would definitely be Neil Gaiman's Sandman, Brian K. Vaughan's Y: The Last Man, Chris Claremont's run on X-men, and the other stuff Alan Moore did, such as From Hell, V for Vendetta and of course MIRACLEMAN.
Watchmen is considered the CITIZEN KANE of comics because it utilized all of available storytelling techniques unique to comic books - things only comics could do that movies couldn't, that graphic art couldn't, that prose couldn't. ONLY COMIC BOOKS could do something like WATCHMEN ISSUE # 5 - Fearful Symmetry - where you can start at the middle, and move backwards and forwards and realize that one page was a reflection of the opposite page. Hence the title of the book.
Also, he put a lot of details and connections and patterns so that you could literally flip the book backwards and forwards, playing with the visuals and the text. You could literally tear out all the pages, put them side to side and see a pattern. Or different pages organized in different ways. Or, flip the book back to see a detail you missed, and forth again, to see the current page and compare. When Rorschach was unmasked by the cops, I flipped back and was shocked to reveal that he was the guy carrying the END IS NIGH sign from issue 1, and that he was at Comedian's funeral, and that he passed by the newsstand and all that.
Moore wanted to tell us that comic pages were in a way similar to how Dr. Manhattan view time and events - they were all happening simultaneously but we as mortals choose to experience it chronologically.
You couldn't enjoy moments like Dr. Manhattan saying something to Laurie while they are about to enter Ozymandias's lair, then have Dr. Manhattan saying the exact same thing a couple of pages later to Ozymandias, Nite Owl and Rorschach, which you can then flip back to and say "oh, so that's why he said it."
Those were the things that couldn't be shown in the film. All the filmmakers could do was to take what they could adapt - the plot, the themes, the ideas - while good, were not great.



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And that was a brilliant analogy in the end there 