On the flip side, I loved the effects, thought the pacing was very good (great slow burn build to the actual initiation of the attacks), and thought Cruise himself, as almost always, delivered with a quality performance. He made me like the character and he was the one I was really rooting for.
And to just add, my favorite sequence of that movie was (back in 05) is and always will be that scene where the tripod emerges. Holy shit that is some masterfully done, tense stuff there and when I first saw it in the theater it was utterly eerie. Just feel everything about that sequence is masterful- from when Cruise and the neighborhood people are all gathering to where the lightning hit, to the rumbling and cracking of the ground, the collapse of the church, the droning noise the thing makes and everyone just starting in awe at the thing as we see the f'ng lasers emerge in the reflection from the car windshield. Brilliant.