Ezra Klein analyzes Obama's speech, which can be viewed in full above:
The Obama campaign found that their key voters were turned off by soaring rhetoric and big plans. They’d lowered their expectations, and they responded better when Obama appeared to have lowered his expectations, too. And so he did. The candidate of hope and change became the candidate of modest plans and achievable goals. Rather than stopping the rise of the oceans — which sounded rather more fantastical before Sandy — Obama promised to train more teachers and boost manufacturing jobs.
What you saw [last night], however, was that Obama didn’t much like being that guy. He still wants to be the guy he was in 2008. He still wants to inspire and to unite. He still wants Americans to feel that the arc of history is bending under their pressure. He still wants to talk about climate change and election reform and other problems that the Senate is not especially eager to solve.