Yes, I highly recommend that you read The War of the Worlds. I have read it twice: once in high school and again twenty years later. It is still a great book to read. I also recommend The Time Machine if you have not read that yet. H. G. Wells is one of the true classics.
Aside from beign good, there's a lot to be learned about fiction in general from reading that written in other times. Wells was writing to a different audience, in a style and voice we aren't used to any more. Reading the occasional classic keeps your brain from getting ito a rut about what constitutes "good" work.
Yes, read it. It's a very short book, and an easy read. Some little surprises if you are only familiar with the movie versions or the famous radio broadcast. And as Jamdin mentioned above, read the Time Machine as well. Both books are worth reading, and are true classics in the genre.
after I read this book, then watched the movie again ... I liked the book much better (although the heat ray from the martians always cracks me and my friends up ... ooh lets stand here and become permanent chalk marks on the ground!)