Domestic: Too much spending on too many programs. Tax cut section was on target. My reaction to this area was lukewarm at best.
Foreign Policy: Excellent. I loved the grouping of Hitlerism, militarism, and Communism together as three evils that America had to defeat in the 20th century. Good update on the war on terror to silence critics who claim Iraq is distracting us. Mention of Iranian democracy movement was long overdue. If anyone can now claim that they haven't heard the case against Saddam clearly laid out they're either not listening or just don't want to hear the message. My tepid reaction to the domestic side of the speech was quickly forgotten as I swooned like a schoolgirl over Bush's command and passion on the foreign affairs front.
Overall it was good but not great. Most importantly though it was strong where it had to be. Iraq.