The awkward moments were in Stephen Colbert's monologue, which borrowed heavily from material he's already used on his TV show. Colbert's brand of sarcastic irony seemed to fall flat with the press audience, and the material he did on how the gut is the ultimate determinant of the truth just didn't work outside of the cable show context. I did like it when Colbert flubbed a joke about Bush's approval rating and restarted it mid-punchline, doing an apparent ad-lib about the glass being 2/3rd empty. Colbert repeatedly asked for Bush's agreement, but the cut-aways to the President seemed to show a man who was trying very hard not to show disapproval. Colbert was much better later in his speech, and a joke about Washington D.C. being "the chocolate city with the white marshmallow center" gave me a belly laugh. I also appreciated the pretaped segment where Colbert tries out to be the new White House press secretary and succumbs to the wrath of Helen Thomas.
C-SPAN's showing a repeat later tonight, and it's likely there will be another airing soon. I also expect to see parts of it popping up on Google Video and YouTube within hours. It's worth checking out.
Update: Here's Colbert's speech on YouTube in three delicious parts, and here's a transcript for those of you who like your comedy all old-fashionly wordified.