The main gist of the story is brilliant; remember, Wells was long before Doc Brown strapped a flux capacitor to a DeLorean and even long before the Doctor started traveling the universe in a Police Box. I love reading the root stories of our great mythologies. The Time Traveler is likable enough if a little bland and he certainly travels to a fantastical place far, far, far into our future. At this point apparently, humans have split into two races. The Eloi, simple childlike creatures, live above ground and the menacing Morlocks inhabit caves miles beneath the surface and only come out at night. The Eloi are likened to sheep for good reason; the Morlocks are meat eaters and the only creatures around to eat apparently are the Eloi. So, the element of cannibalism is a major plot point even if Wells never comes right out and states it as such. Pretty gruesome (and the movie takes it a bit further than I needed to see). Also, the Eloi, childlike to the extreme, makes the Time Traveler's relationship with Weena somewhat problematic. I don't think Wells means for the story to have the undertones I was picking up on that relationship but then again, maybe he did. Either way, it was a bit much at times in my opinion. That said, the adventure of the story holds up. The Time Traveler's war with the Morlocks to get his time machine back is fun to follow and well paced. The novella is definitely plot driven; the characters are rather under developed but again, I've noticed this about the early science fiction novels. They are so focused on getting the story out and explaining all the ways it was plausible that the characters sort of fell by the wayside of the bigger agenda of the author.
In the novella, the Time Traveler builds his machine because he can; he is a scientist and he wants to explore new frontiers and break boundaries. This fits the time, the spirit, of the age Wells was writing in and trying to embody through his story. The pursuit of scientific discovery itself was a big enough motivator for his character. In 2002, we had to give Alex Hartdegen some melodramatic loss to make him so obsessed in going back in time to fix a mistake that he builds the time machine. People, in one word, lame. I was not a fan of this new plot point. Other ones they added were necessary I think to make the other characters flesh out enough so you cared about them. The Eloi become a fully developed people with their own culture and society (in the book, they just sort of lazed around all day). The Morlocks have a supreme leader who, kind of Borg-like, controls the rest of the pack via mind control. Rule number 1 in action film, we must have a single bad guy controlling all the minions. I also liked the inclusion of the hologram librarian who follows Alex through time; it was a clever way to get information to the audience without going overboard with monologues from the other characters. Also, we need to give props to the Props department - the Time Machine was awesome and, according to IMDB, the biggest and most expensive prop built for a film at that time. I see where the budget went now.
It was interesting to be able to compare the two works, novella from 1895 and film from 2002. I think in many ways, they are reflections of their time; of the expectations of an ever-changing audience and both are worth checking out if you're in between seasons of Doctor Who.