M.J. Rosenberg has the text of Obama's speech before AIPAC. It's been getting solid (albeit not outstanding) reviews from a surprisingly diverse swath of the blogosphere. Here's Matt Yglesias, Andrew Sullivan (he doesn't say anything, but I can tell by his excerpt that he liked it), Marty Peretz, and the NJDC.
Generally, more conservative Dems were happier than the more liberal wing--the biggest eyebrow raiser was his "nothing off the table" quote with regards to Iran.
I too, think the speech was solid but not spectacular. I think Obama is right to emphasize that it is in both Israel's and America's interests for a stable, lasting peace to develop in that region, and that our foreign policy must center around getting that reality into being. That may mean (indeed, probably means) negotiating with some unsavory regimes. Such is life. It is not anti-Israel to talk with its more hostile neighbors, so long as part of those discussions is dedicated to pushing for real peace.