This is watchable action/adventure, with competent acting and effects. It just never rises past the ordinary, though. Also, though I haven't read Welles' original in some time, I have doubts about its faithfulness to the original.
The plot is simple enough. Brilliant but obsessed scientist suffers a terrible loss, then creates the time machine to go back and recover what was lost. When that doesn't work, he skips forward through time, and an accident lands him in the distant futre. Mankind has split into two subspecies, the peaceful, pastoral Eloi and the vicious (and a little more technologically oriented) Morlocks. Our hero saves the world and lives happily every after. [Vague, I know, but I prefer to avoid spoilers.]
The steam-punk look of the time machine is well done. The look of the Eloi village is distinctive, but very reminiscent of the Myst games. There was interesting continuity of the traveler's steps into the future, including the one character that reappears in different eons.
A few things left me confused, though. The Morlocks use blowguns with some vile mix in the darts. As near as I can tell, though, the only effect of a dart is to leave a black stain - I never did see toxic effects in the people hit by them. Also, a relatively small nuclear blast was enough to break up the moon. Huh? You don't need to be a physicist here. Some of those lunar craters came from meteor impacts that released the energy of nuclear blasts, big ones, and the moon held up just fine. Breaking up the moon would mean overcoming the gravitational attraction that holds all the pieces together. No human bomb is anywhere near that energy range.
It's a decent enough way to kill an evening. Just be sure you want it dead.