I've heard mixed reports. One person said it was really well done, and follows the H.G. Wells book fairly well. The other person said if you like the book you'll be disappointed, and believes it is Hollywood crap.
I know the second person is a raving book fan and would never be satisfied with any movie adaptations, so I guess it should be good.
I'm just glad it's not a remake of the original movie, but rather an adaptation of the original story.