I agree. Frist is certainly not "presidential" material. As a doctor, he should know that creating human life just to destroy it is IMMORAL. There are so many cures being found using adult stem cells that embryonic stem cells are not the panacea the researchers want us to believe. They just want our tax money and a comfortable life style for themselves as they go about snuffing out human life.
A web page at http://www.griffith.edu.au/er/development/content_icmt_adultstem.html
tells about Australian researchers growing nerve cells, glial cells, liver cells, heart cells and muscle cells all from nose stem cells. It seems that it we put our mind to it we can do as much with adult stem cells as we think we could with embryonic stem cells. Another point is that ESC research must eventually lead to cloning, since only cloned embryo cells will solve tissue rejection problems.
I would suggest you re-read the speech. He clearly states that NO creation of embryos for research would be allowed. His only new source for embryonic stem cell research from what I could see was leftover blastocysts from fertility treatments that would be destroyed anyway.