The body of the speech was about service to the community and country. I thought the crowd was quiet and respectful (I expected some rude remarks because I knew some of the profs were against having the president speak), and applauded and vocalized when appropriate.
I thought it was well received. Maybe the Yahoo (AP?) reporter sat next to a disgruntled prof. The applause at the end was substantial and the president stood on the stage for a few moments, waving to the crowd. Not what I'd call a 'mixed reaction' at all.
I looked at the college's website. Considering this is a Christian school which encourages volunteerism and community action, I really don't see where anyone could have had a complaint against anything GWB said.
I think the media was hoping that the students would have the same political leanings as the professors. Students seem to be leaning away from professor's positions lately.
I read, during the run-up to his address, that there is a fairly signficant contingent there that is pacifist and that this is the root of the dislike of W.