So I haven't seen The Watchmen yet, nor have I read the graphic novel.
This was a very cool, well done little piece of psychological horror.
In the vein of Hitchcock or The Twilight Zone with copious amounts of blood and gore, and with pirates. There is a very nice sense of tension throughout the story and there are more than a few shocking moments.
Even though animated, I still found myself unintentionally cringing at some points. The animation is done well, I'm glad its not done in an Anime style. It reminded me a little of Ralph Bakshi which was nice and the twist or climax at the end left me satisfied.
I will definitely be recommending this to everyone I know. Especially the ones who enjoyed The Watchmen. I was planning on seeing it soon and this has certainly added to my anticipation. But whether Watchmen turns out to be awesome or not, this is a great piece of animation and absolutely stands on its own. Even if you didn't like the movie this was extracted from you should check this out.