I liked that he drew parallels between the present health care reform effort and the passage of Social Security and Medicare. In each case, the opposition derided it as socialism, and in each case the programs passed, were exceedingly popular, and became a foundation for greater prosperity for all.
Overall, I think he laid out his case pretty well. He made dollars-and-cents arguments as well as moral arguments. He called out the Right for some of its nonsense in the debate but still reached out to Republicans in Congress.
After this speech, it's hard for me to picture the reform effort all going down in flames and ruining Obama's presidency, as Republicans have been hoping. Some kind of health insurance reform will pass Congress. There will at least be some new common-sense regulations on insurance companies. The question is what else will make it in the final bill and how far-reaching the reform will be.