If you haven't seen War of the Worlds, it is worth it, even at theater prices. It held many of the original book content with some modern twists. Tom Cruise did a great job at presenting the character's personality but it wasn't his best acting performance. There was plenty of action and some great effects.
I'm a big fan of Jeff Wayne's War of the Worlds album from 1978 with Justin Hayward (Moody Blues). That album was a masterpiece to explain the movie with music. If you have an appreciation for the movie, check out the album (on CD) for your morning commute.
I read in the local Dallas newspaper that War of the Worlds didn't make as much money as they expected in the opening day. That's more likely because tickets cost so much now.
If you are waiting for it to come out on DVD, you'll probably enjoy it more on your big screen TV than those that went to a sticky, noisy, crowded theater. On the other hand, we've seen it and it's really good.