You pretty much hit it on the head. No soaring oratory, to me this was more of an absolute killer closing argument in a trial. And the good thing about it was he was able to say things with great effect that Obama never could-devastating points like Clinton's sincere conviction that no other president could have done better under those circumstances. Can you imagine Obama (or anyone) saying that about themselves?
I loved the way he delivered it too, all smiles and positive, no sarcasm. He was able to be much more devastating in his attack that way without turning off a neutral or hostile listener.
The GOP made two huge blunders that Clinton drove a truck through. First, by builiding Clinton's rep up by repeated ads and comments that Obama's performance was nowhere near Clinton's level. Heck I even saw Newt on TV before the speech saying what a great president Clinton was. Secondly, and inexplicably after running for literally years with nothing but vague statements and after he secures the nominaion, Romney tied his star to Ryan and Ryan's budget plan (BTW Sister Simone also did some pretty devastating attacks against the Ryan budget in her brief speech earlier last night). In retrospect tying himself to Ryan may be viewed as almost as dumb a decision as McCain picking Palin.
I predict you are going to see quite a few Bill Clinton speeches in battleground states between now and November 6th. Last night will not be a one off. It kind of reminds me of the boost Ted Kennedy gave Obama with his endorsement and many public speeches in the 2008 nomination battle.