You can find the actual text of the speech here:
Text of Romney Speech on Foreign Policy at VMI - Washington Wire - WSJ
And here are my general thoughts:
1) He's correct that the attacks in Benghazi were not random nor the result of a video but obviously a well planned attack that must have been in the works well before the video came out that sparked the protests. And I think he did a good job of drawing a line between the protests in places like Cairo and the attacks in Benghazi, where Cario was spontaneous, or at least very quickly planned, and a reaction to the video whereas Benghazi was not.
2) He blames the President for the withdraw of US Forces from Iraq and blames him again for the violence that continues in that country and the growing influence of Iran in that country. Fact is however that the withdraw was decided under Bush and the treaty that created the timeline for it was also done under Bush, Iraq being an independant nation, specifically told the US to remove itself from their country. The only way to stay at that point would have been to violate the independance of a government which we helped create over several years, basically stating we did not recognize our own creation and destroying everything we had done in Iraq. And for what possible gains, none were offered.
3) The lack of so many specifics. He says "we must make clear to Iran through actions—not just words—that their nuclear pursuit will not be tolerated" but does not once say how. Or "And I will roll back President Obama’s deep and arbitrary cuts to our national defense that would devastate our military, I will make the critical defense investments that we need to remain secure" but how will it be paid for? And he mentions that he'll stick to the Afghan withdraw date of 2014 but says " I will pursue a real and successful transition to Afghan security forces by the end of 2014." Not a detailed response at all, I'm everyone can agree we want that.
4) He promises to expand the Navy by refering to how its size is smaller than it has even been since 1916. This ignores everything about modern Naval War which like so much in life is more a matter of quality not quanity, if you have one ship that can cover an area of space that it would take several older ships to cover, why do you need the same number of the newer ships? Especially when the new ships cost so much more per unit than the older one, which is understandable because they are so much more advanced.
5) He also calls upon NATO allies to increase their defense spending to make the Alliance work on more equal terms, this I entirely agree with but I think he sells the President short and makes it appear like an easier goal than it really is. There's no way to compel these countries to spend more than they want to on Defense, and the US has been trying since Bush to accomplish this and it hasn't happened, mostly due to the fact that many of our NATO allies don't agree or wish to support our wars.