Personally, I rate War in about the middle of U2's albums. It has some really amazing stuff and the opening five tracks are as good as any other opening five combination that U2 has made, but it stutters a bit from there. As much as I find The Refugee to be fun and one of the best examples of Larry's drumming, it is not exactly a great song. Two Hearts Beat As One is out-of-place throwaway fluff. Red Light is arguably the worst U2 song ever. And while the studio version of 40 has a special charm, I can see why some people don't like it.
I think War is a bit over-rated in the general public by virtue of SBS and NYD, while amongst U2 fans, I think it gets about the right amount of attention.