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It continues the storyline of a few characters from the original Watchmen, but takes place 34 years later with a completely different premise and setting. Therefore it is a loosely based sequel, and reading the original comic series/watching the film adaptation will help your understanding but is not necessary.

Loosely based on the comics, the original author has taken a stance against the tv series (as he does with all adaptations of his work) but to say whether it's canon to the movie or the comics...it seems to line up closer the ending of the comics than the movie. But watching the movie will give you a basic understanding of the series. So in short, it's likely not officially connected. But it doesn't significantly contradict anything.

It most certainly is not! It is much more complex than that. It tackles real world societal issues, aswell.

It shot specifically for the show

Showrunner Damon Lindelof had stated in an internet news article that he wouldn't write a second season unless he has a good story that will complement the first season or succeed it in terms of story. Therefore it could be considered a miniseries.

Yes. And the show depicts it fairly accurately to what happened.