It... does make sense, assuming I'm reading it right (haven't taken a proper literature class since Junior English in highschool). The definition given there is that it's about a separation between words and meaning, yeah? And from there, a separation of thing and meaning. That the only meaning a thing has is by contrast with its opposite. "Existence" only means "existence" because it is contrasted with "nonexistence." And so on. And from there, if an opposite seems not to exist, it's because the term hasn't been made yet; if a deconstructive analysis finds a lack of meaning, it's because you aren't finished yet.
It's an extremely interesting concept, but fairly obviously not what I'm referring to, which is the more common version. Words mean lots of things
In the colloquial sense, Watchmen is a deconstruction. OPM is a parody deconstruction, though only a little bit.
I am gonna run the wiki version past a friend of mine who's studying literary analysis. Should make for an interesting discussion.