Unless a dispute between WB and Fox gets settled first:
http://www.hollywoodreporter.com/hr/content_display/film/news/e3i8e4bba223e1c5e9ad7128fa62ac4d4f7
It seems that Fox studios had acquired the rights to distribute the comic book adaptation in 1991, but later were in negotiations to pass them along… except those negotiations never concluded, Fox claims. So, even though the movie is almost ready, Fox is claiming the rights to distribute it- which Warner Brothers (who owns DC Comics and the Watchmen characters) is not happy with.
Funny how they waited to sue until right after the Watchmen trailers (which were attached to the mega-successful Dark Knight movie) came out, hmm? Quite some free publicity there. 
Hopefully some accord will be reached that will allow the movie to be distributed. (I don’t see why WB never made sure they DID have the full rights to the movie before making it.) Otherwise, forget about seeing Rorschach facial FX. Except perhaps in pirated copies.