What the Europeans think doesn't matter. This speech was a reaffirmation of American unilateralism. Though European leaders (especially in the EU itself) would like it to be otherwise, Europe doesn't have any influence in the region and isn't capable of being a peacemaker on its own....It will now be settled by force of arms, and the only important players now will be nations who have armies that can be deployed in the region (which is another reason why Europe is now irrelevant).
If Europe realizes that force of arms is the only way to be heard, rest assured, Europe will make itself relevant. The message of "the United States reserves the right to remove governments it feels threatens it" is going to be remembered long after Bush's particular speech is forgotten. Europe is at peace with the United States now, but they (and I) will wonder whether that will always be the case. I personally think that Europe is going to start pulling together more than they have, and that while Beste may be right in Europe being irrelevant in the current mideast conflict, they're going to soon realize that they can't rely on American military support as much as they did. They'll get relevant, and not in a good way.
God help us if the Chinese figure it out.