I don't mind that they took out the squid. I mean, it worked well in the comic, and I think it could have worked in the movie too, but it doesn't bother me that they took it out.
What bothers me is the tone of the trailers, in particular the second one. Watchmen was never about these people running around in these costumes looking cool. I'm not saying that they weren't cool, but that was never the main focus of the comic. They were all portrayed as screwed up human beings first, "super heroes" second. As such, all of them, even Rorschach and Doctor Manhattan, were very believable, human characters.
The movie, to me, looks like it's willing to sacrifice that kind of believability for the sake of "coolness". Night Owl and the Silk Spectre's costumes look far too polished, to me. The use of slow motion effects is another thing I find troubling. I think they're taking the movie in almost exactly the wrong direction.
Oh well.