Prefer his original form the Question.
I really dig the idea of his mask changing into the different ink patterns, thus his name, and I personally enjoy the fact he goes a step further than Batman, as far as brutality, but I always found his fame to be a little bewildering. Not a jab at those that appreciate him as a character, however, as I do get the reasoning. But he is a character that died rather rapidly as far as comic characters go. It's like fans falling in love with Boba-Fett (which admittedly, I was one)
Still, the best of the Watchmen characters though.