As a tour of domestic policy, the speech contains references to a number of programs African-Americans ought to like, although I wish he had omitted the adjective in front of "school choice." (I know that it’s late in the day and that he doesn’t have the surfeit of political capital required to make it happen in a big way. I also know that education ought largely to be a state and local responsibility.) I am glad that he emphasized ownership, opportunity, and the faith-based initiative, which have been his constant themes in speeches to organizations like the Urban League (whose national meetings he has addressed three times: see here, here, and here).
I do find myself wishing he had been a little bolder, going beyond self-deprecating humor in adverting to his differences with the NAACP’s agenda, which is apparently permanently statist, where his is--and I know some conservatives will disagree with me here--only temporarily so. As it was, all the differences were implicit, and GWB never explicitly said that there will come a time when the playing field is genuinely level, when, for example, the Voting Rights Act (and affirmative action, not mentioned at all in the speech) will no longer be necessary. Imagine the reaction if he had said that he hoped that this would be the last time that it was necessary to reauthorize the Voting Rights Act! What a powerful demand for accountability and results, not to mention a claim that this is not to be the permanent state of things in America! But the audience would likely have booed him out of the house. Too bad.
Update: Given that his administration is proposing this, Id say he missed an opportunity to tout a program.