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I suppose if you want to get really technical, Wells' work was closer to fantasy than science fiction, in that his explanations were scientific sounding but were no more than hand waving on close inspection. However, for Wells the technical details weren't important - he was more concerned with societal themes and trends, and the sci-fi part was more of a gimmick to explore these ideas than an attempt at describing future technology. In this he succeeded much better than did Verne, and in my opinion that makes his stories far more interesting.
As for the Eloi vs Morlocks, well, they both came from today's humans, so it seems more likely that the Morlocks (aka, underground dwellers, as they haven't evolved significantly yet) would simply take over the surface and kill all the Eloi, much like the Europeans invaded and killed the native americans and just took their lands/food/women/etc. There's just no evolutionary pressure for the Morlocks to become a separate race like that.
"How many 'believable', truly scientific sf-movies have been made by Hollywood?"
Well, that was kind of my point. This story has so much potential, I was very disappointed by the treatment this movie gave it.
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