I've never collected anything from Watchmen, but that Dr. Manhattan looks outstanding. They probably should have included a removable "diaper" of sorts that you can leave on or take off to reveal a Ken doll-like blue crotch with no genitalia, but the whole package still looks great.
No pun intended.
I have six of the DC Comics figures that came out with the Watchman movie. They have almost no articulation but they are absolutely stunning. The sculpts are amazing. That version of Dr. Manhattan is also clothed! I guess people are a little afraid of nudity and toys. They must be thinking of the children.