I've only scanned the speech, but on first glance, it looks pretty solid. It hits the right notes on the value of open networks -- it expands substantive protections. It's good. Also, one particularly nice and unexpected touch -- very Obama/Genachowski-ish -- is that the FCC launched a new website today called openinternet.gov.
But back to the speech, this passage seems to be the key, for the reasons I mentioned last night:
I will soon circulate to my fellow Commissioners proposed rules prepared by Commission staff embodying the principles I’ve discussed, and I will ask for their support in issuing a notice of proposed rulemaking. This notice will provide the public with a detailed explanation of what we propose to do and why.
It looks like the FCC is going with rules rather than adjudications. It's a good day for the Internets. Rejoice and be glad. (And more to come).