He made some excellent points, although it certainly took him a long time to do so. He didn't hold back on going after establishment conservatives, including McCain, George Will, Kathleen Parker, and others. He repeatedly said that conservatives should not alter their beliefs in order to win elections, which is precisely what nearly all conservative candidates and incumbents--including Bush--have done.
If you don't particularly like Rush, but have the time to watch even a portion of the speech, I'd be interested to hear your reaction.