The audience was more than the American people. The goal of the speech was to re-emphasize the plan which we are following and to reassure the American people of that fact, and to reassure the Iraqis.
It is, after all, one of a series of speeches. And I thought the end was quite good.
I also think that we cannot expect every speech to soar. Some need to be workmanlike and informative.
I agree with you, that Bush was not there to please his audience. I don't think the audience was as "disappointed" as CBB suggests. I think the speech was OK, if rather repetitive of earlier speeches, except for his oversell of the significance of the June 30 transition. Would that the transition on that date be seminal. It will not be alas. That's my judgment.