Devin at Chud.com has seen the extended “directors cut” of Watchmen that is coming out in a few days, and he covers all the new and extended scenes here.
Me, I’m gonna wait to get the Ultimate Edition, coming in December, which should have the original cut, the directors cut, AND a new “ultimate cut” that interweaves “Tales of the Black Freighter” with the film (just like in the original book).