Chapter 5 is up. I liked it, though I think the end lacked a little oomf. It was pretty intense when I read it, but the animation sort of slows down the action in the fight scenes, and then the police brutalizing Rorschach seems cut way short so you don't feel it as much as you do in the book. Plus I always imagined him screaming "NO NOT MY FACE" in this really shrill/angry/desperate way...but it sounded sort of like "Awwww man! Not my faacccce!" instead.
I really enjoy this voice actor doing The Black Freighter stuff though.