I found the speech utterly incoherent.
The United States is an indispensable leader, but our leadership must be dispensed with. We had to act because Gaddafi is an intolerably brutal dictator, but we can't remove him from power. Every country is different - for example, in Libya, Gaddafi used force against his own citizens, which violates our core values. By contrast, in Iran "change is fiercely suppressed."
The gratuitous and mean poke at Iraq policies of the past was par for the course. I can't remember a speech he's given that did not include a dishonest smear of somebody.
The repeated references to the youth leading a wave of freedom was aimed at the Democratic base, in my view. It's the same silly talking point that's been all the buzz at Daily Kos and Huffington Post since the union hirelings and indolent students descended on the capitol: "Look! Madison is just like Tahrir Square!"
The president remains an empty suit, and his incompetence will continue to make the world a much more dangerous place.