I'll leave the policy to others, but on the politics...look, Republicans really believe different things than Democrats, and they have the votes to block stuff they don't want. A speech, no matter how good, doesn't really change that. Barack Obama gives a good speech, and I thought this one was probably one of his better ones, but that's all.
Could barnstorming the country help? The evidence seems to be that under the right conditions, maybe it helps a bit around the margins. Maybe. Lots of very popular presidents have tried and failed; this president isn't particularly popular right now, and he's especially not popular at all in most Republican House districts. So as far as things passing Congress, it's not going to be a good speech or public pressure that would do it; it would be finding a way to make it in the interests of House Republicans to cut a deal that gets them things they want, too. Does this package, and an accompanying legislative strategy, do that? I don't know, but that's the question to ask, I think.
That's the legislative side of the politics. There's also the electoral side. For that, I think there are two issues. There's the question of what any of this actually does to the economy, which has to do whether anything gets through Congress, and what they're doing within the executive branch, and then what effects any of that has.
The second issue, however, is that much of the speech was pretty clearly targeted to grumpy but very attentive liberals, and at least to my ear it probably buys the president a few weeks of good will from them by preaching the liberal gospel. That's not a huge deal, and it almost certainly doesn't have any effect at all on WH 2012 (when Rick Perry or Mitt Romney will take care of that), but it's never a bad thing for presidents to earn themselves a bit of leeway with whatever groups they can.
There's also the long-term effects, if any, of presidential rhetoric. I'm pretty skeptical that those really exist to any great extent, but as far as I know there's virtually no strong evidence one way or another. And, hey, he's president, and there's certainly no evidence that any of this stuff hurts.