Updated: Kirby's Watchmen by Mark Lewis. From his website:
Any excuse to put on my Jack Kirby hat... There's a story to this one. It was originally done for one of Lance Falk's famous sketchbooks. He just requested the Watchmen drawn Kirby style; my insanity made me turn it into a whole cover. A little later, both Alan Moore and Dave Gibbons saw it (I was shocked!), and it even wound up eventually reproduced in the big "Watching the Watchmen" book.
Lance Falk used to let me flip thru his sketchbooks back when we worked at Hanna-Barbera. I remember being flabbergasted by some of the talent he had compiled in just a single sketchbook. He was kind enough to let me print copies of a few pieces. This was one that I loved... so much so that I ended up copying and laminating it. Thanks, Lance & Mark!