I like both WOTW movies but when I saw the Spielberg version on the theater I thought it was better than the '50s one. I bought it on DVD for like $1 a while ago but haven't rewatched it yet.
I like the George Pal 1960 version of The Time Machine even more than the 1953 War of the Worlds, which Pal produced but didn't direct. I have to admit that I wouldn't expect Wells to have been happy with either one though.