Not really, its not like the killing joke is in my top ten reads or anything either. Watchman may touch upon various topics, and genre's but it doesn't go anywhere with it... it thinks it does but I realy don't see where. The characters don't go anywhere, don't change, don't evolve, don't react in a 'real world' way and the end is extremely contrived. Its like he wrote this story not knowing the end, ran out of idea's and threw in some tosh about you know.
A story of the ends justifies the means? I can name episodes from TV shows with more weight, insight, character development etc.. Just about every series does some form of storyline about that. I'm sure even That 70's show accomplishes this. I already named some, I have yet to see where watchman has depth (where? I mean really... are you refering to the secret villain or something), realism (LOL!), commentary (what commentary is that, that humans need to be lied to in order to control... uhuh), re-readability (it revolves around the secret indentity of the villain, for me that does not make it re-readable) and you and I both know that I can name things all day and you will obviously detract from each one. If only for the purpose of proving your statement correct in your eyes.
A few examples of ends justifies the means stories (stuff you're likely to have read/seen) -
Kingdom come: Superheroes taking charge for the good of people.
V for Vendetta: Terrorism and killing to win a thread of freedom.
Preacher: Got someone to rip his genetalia off and stick it up his arse on the road to getting God to be held accountable.
Taking Kingdom come as an example. Depth wise you have a whole universe there, characters in every panel with their own history and story. Politics wise it goes over the idea of power and corruption in a much more realistic way than watchman. Real world wise, well as fantastical as it all was it wasn't as absurd as watchman (again the end, although stuff like the owl... c'mon). Commentary wise it has the same kind of message as above, a little more in-depth with the social commentary of the world around it as it actually involves human beings and the consequences. Which in watchman is only really looked at in the end and very briefly. As for rereading, as I said the key in watchman is the 'mysterious' villain behind things... once thats gone for you the rest of the story is rather bland. Like the rather poor attempt at love/romance/sex. Or the fact that these losers are supposed to be superheroes which is extremely hard to swallow. Then there's the remarkable character development of people like Dr Manhatten who by the end of the story are *gasp* no different. I felt that the only REAL character (as in background, purpose, depth, reason, evolvement, interaction etc.) was Rorschach. Even then at the end of the day he was a guy with an ink blot on his face, with a hat and coat who was angry (or over the top) a lot of the time. Various comics have more depth for the simple fact that they have history and have been through a butt-load of experiences. Stuff like Fables has more depth because it uses characters we know about and puts those things in a different concept.
Again though, I appreciate that I am very much in the minority in this... I just don't think it was anything special. I would expect that kind of story in an outer limits or twilight zone episode.