Not a lot new, but an inspiring speech. Will it change the politics? I'm skeptical, particularly since the President didn't mention timetables or explain any Administrative fixes to show a seriousness about fixing immigration (other than enforcement). The only thing he said has improved is the length of background checks.
In fact, he said that we should not expect any Administration steps to deal with legalization before Congress acts. It seems obvious this was aimed at the Republicans who are upset about such rumors of using parole power or other authority.
The speech was clearly aimed at Hispanic voters who could devastate Democrats' chances of retaining control of both Houses of Congress if they stay home in November. But Hispanic citizens are upset that the White House is all action on enforcement and all talk on helping immigrants legalize. I don't see how this has changed as a result of this speech.