His problem was that he is a renowned speaker but people have come to distrust his words.Yeah, people finally figured out that he really is a politician. (i.e. He will say whatever he thinks it is that you want to hear.)
On the substance, he did not move to the centre as some had expected. He stuck to his guns on health care reform but sounded unconvincing because he gave no clue as to how he can rescue a bill that barely a third of Americans support.No speech was going to do him much good, and this one didn't.
Again and again, he reverted to campaign mode, resorting to what Senator John McCain dubbed B.I.O.B. - Blame It On Bush. He even recalled his 2008 slogan of "Change we can believe in", which these days prompts chuckles from conservatives and not much more than a whiff of nostalgia from liberals.