I just read the full speech (well, the part that's relevant to guns at least) and I feel a lot better about it. If you've only read the blurb about "AK47's out of the hands of criminals", I suggest you get some of the context:
http://livewire.talkingpointsmemo.com/entries/obamas-full-remarks-on-guns-from-urban-league
His main point here wasn't gun control at all. It's about lowering crime in general, getting kids off the street, better mental health services especially for at-risk youth, etc. Really, there's only one sentence in this whole speech that gives me pause, and that's the "AK-47s belong in the hands of soldiers, not in the hands of criminals" line. I'm sure he was very careful to not make a mention of law abiding citizens because he's a politician after all, and wants to toe the line as much as possible.
I'm not completely reassured, but I don't think it's as bad as it seems if you just read that one little paragraph. I think it's unlikely he'll do anything gun-related until after he gets re-elected...