As remakes/re-adaptations go, I think the 2002 version was pretty well done. It had enough of the spirit of the original to feel faithful but also brought enough of it's own into the mix as to make it worth watching on its own.
For me the major flaw was that in making both strains of future humanity more intelligent they kind of undercut basic message and themes of the original. That would be OK if they'd made it about something else, but it's not really about anything in particular, as the third act just dissolved into an action set piece.
You're not really supposed to side with the Eloi or view them as the "good" side of a conflict, you're supposed to pity them since they're the end result of cultural indolence, decadence, passivity and an abandonment of intellectual and academic thought in pursuit of purely hedonistic concerns. Similarly, the Morloks for all of their outwardly horrific appearance are equally pitiful creatures, trading in all that is fundamentally human in service of the machines of industry. So dependent on technology and so unable to change that they are little more than machines themselves.
Making the Morlocks atavistic and "evil" while making the Eloi powerless victims, yearning to be free destroys that dynamic. It's made pretty clear in the original that the Eloi *could* break free of the Morlocks, they just *don't*. It never even occurs to them.
Some wonderful VFX work though as I recall. You can really tell they were well aware that they would be judged mainly on the time-lapse scenes and works very hard to bot replicate and surpass what the original movie did.
