The Nite-owl book is the worst of the bunch.
Dan was arguably the most well adjusted of the WM. Yes, he had some mild issues but compared to the rest of the group he was a contrast: a decent guy with a lot of money who wanted to play superhero.
Now we have back story were he's the victim of child abuse, has a complicated relationship with his mother and dark sexual hang-ups.
JMS obviously would have preferred to write the Rorshach book. Which explains why he's conflated what the original tended to indicate were occasional team-ups (basically making the WMU "world's finest") into a full-time partnership between the two characters.
The only thing going for it is the Kubert art and, sadly, unless all the issues are already in the can that won't be around much longer.