In case you missed it...
In my opinion, this speech is a good first step in establishing a real dialogue between the Middle East (particularly the Muslims in that region) and the West. It is not a world changing speech in the sense that it will automatically make all Muslims love the US and her policies (but then, it was never meant to be). I saw it as an overt effort on the part of the Obama administration to not only speak to (as opposed to speak at) to Muslims in the Middle East and around the world, but to do so in an even handed and honest way. In that respect I believe that Obama succeeded in his speech.
This success is made clear in my mind, by the response that he's gotten from those representing the extremist thoughts in the Muslim spheres, the American political spheres, and Jewish spheres. the outrage that they express in response to certain parts of Obama's speech drives home the fact that he had praise and rebuke for everyone in his address.
Here's an example from some of the more extreme (if not drunkenly stupid) responses to Obama's speech to the Muslim world.
* Hat tip to Siddity