I do not think it is an exaggeration to call the speech groundbreaking.
It is true that the president did not announce any new concrete plans for achieving greater peace. But it is equally true that the language of respect, dignity, and tolerance is an essential precondition to any such peace.
The president’s willingness to recognize that Islam was not born on Sept. 10th, 2001; that extremism neither defines Islam nor is exclusive to Islam; that the Palestinians have suffered disproportionately under humiliating occupation - these are all vital prerequisites, vital concepts, without which intercivilizational healing would be impossible.
In short, it is a good beginning. What remains to be seen is whether these words will be followed by corresponding actions and policies.