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I just read through an embargoed transcript of the speech and my guess is that the press will eat it up. Heavy on his personal story, the black experience, and on his belief that we can still overcome racial divisions by working together. He condemns Jeremiah Wright's comments, and changes his story a bit by saying that yes, he has been in church while Wright made controversial comments--that ought to give him some wiggle room in case a video emerges of him present while Wright says something crazy. But Obama won't disown Wright, the man who introduced him to Christianity. There are also some barbs directed at conservatives, and so my guess is that the reaction to this speech will divide along ideological lines. I don't think this will hurt him in the Democratic primaries, and may even be turned to his advantage. But it has entered the national consciousness and will be part of the larger Obama narrative in the general election. More to come after he delivers the speech.