I'm reading the Watchmen now for the first time. I have to say, that I am most intrigued by the character of Dr. Manhattan.
It seems to me that how Dr. Manhattan is treated is much truer to the human condition than how DC and Marvel deal with superheroes.
If that sentence made no sense, let me explain...Superman is LOVED by the people of Metropolis (for the most part), he has a steady girlfriend, friends, and he is a (generally) well adjusted individual. It makes for great fantasy, but I honestly think that the human condition is much less idealistic than that.
*spoilers*
No one is quite comfortable around Dr. Manhattan. He cannot relate to humanity since the accident. The government uses him as an ace-in-the-hole for any international problem and they are drunk due to the proximity of such power.
*spoilers*
I honestly don't think that Superman or any other superhero would be as well adjusted as they are portrayed. Sure, many other comics have covered darker, more human issues in their comics. Drugs, sex, mental problems, retirement, death, etc. But, always...superheroes are a part of the normal fabric of society. They're a dime a dozen.
That also leads me to another point that I liked (so far), that the costumed heroes don't have many costumed villains to fight. It seems obvious...but I never thought about it before. Why the hell would someone dress up and rob banks, when it's so much easier to pull a ponzi scheme like Bernard Madoff?