The NYT covers the speech here and The Dish links to various reactions here - including a few live-blogs.
The consensus opinion is that the speech targeted policies that would favor the middle class and that Obama spoke with some confidence without being overly partisan - all the while laying out a few potential landmines for Republicans: like his proposal that the minimum wage be increased. He laid out a case for governmental involvement in developing the middle class while the Republican response tried to argue against it. Might be a good point to raise in class. We can isolate the precise goal laid out in the speech and figure out whether the public or private sector is in a better position to achieve them.
A few pointed out that Joe Biden looked very Mardi Gras with his purple tie and green - Newtown - ribbon. He just needed a touch of gold somewhere.
There were no flareups involving Ted Nugent that I heard of - big disappointment. He looks like he regretted showing up: