I hadn't heard anything good about this, so I wasn't expecting to like it. And lo, I didn't.
Yes, lots of big effects. Yes, the tripods are impressive. Yes, Dakota Fanning still does an excellent job. But the overall response was: so what? Cruise's character is almost entirely passive in this film, and of about three pro-active things he does, one is disturbing. Well done to the writers for that, but there's nothing to balance it.
I haven't read Wells's original, so I don't know how close they stick to the general structure of the story, but the best bit of the entire film is Morgan Freeman's voice-over at the start, reading an abridged version of the opening passage, verbatim.