I've been thinking a lot about why this particular projects bothers me so while other stuff in this vein don't, and it comes down to this: I think of Watchmen as something better than most comics, and it's kind of painful to see something triumphant be dragged down to the level of ordinary comics, with its spinoffs of various qualities, multiple writers of various qualities, etc etc.
Moore finally summed it up for me when I read this interview (ignoring the fact how pompous it sounds to say this about your own work
"You see, part of the problem with all this--and the reason why Watchmen was such an extraordinary book during its time--was that it was constructed upon literary lines. It had a beginning, it had a middle, and it had an end. It wasn't constructed as an endless soap opera that would run until everybody ran out of interest in it. It was deliberately meant to show what comics could do if you applied some of those quite ordinary literary values to them. Like I've said, this was the one book that elevated the comics medium, the comics industry, above the point where it had previously been languishing. And where, when I had entered the American industry in the early '80s, it was close to death. They were going down the tubes, and they desperately needed the shot in the arm that all of the hype surrounding Watchmen provided for them.
What the comics industry has effectively said is, "Yes, this was the only book that made us briefly special and that was because it wasn't like all the other books." It was something that stood on its own and it had the integrity of a literary work. What they've decided now is, "So, let's change it to a regular comic that can run indefinitely and have spin-offs." and "Let's make it as unexceptional as possible." Like I say, they're doing this because they haven't got any other choices left, evidently."