Like Mike said, one problem is that Big Media has been bitching about Bush not being more public and when he has a prime-time speech it doesn't bother to get covered over the public airwaves. Perhaps if Bush wore some panties on his head or something it would have gotten more coverage, especially on "Big Fox."
Personally, I don't give a shit what Big Media does; like you said, if anyone wanted to see the speech, then they could have watched it on cable. If they don't have cable, well, then it sucks to be them...