There's a bit of cognitive dissonance hearing that King Abdullah of Saudi Arabia, one of the most religiously oppressive countries in the world, both officially and unofficially, made a speech about the need for religious tolerance. But condemning him as a hypocrite might be far too premature. If he really wants to spread religious tolerance within Saudi Arabia, he'll have enough trouble dealing with domestic elements that will strongly resist such efforts. He doesn't need the rest of the world to pile on him, too.
On the other hand, if it's just a thinly veiled attempt to decry criticisms of Islam, Saudi Arabia would deserve all the scorn it will get. I just hope that this is not the case. I hope the speech is part of his baby steps as he tries to make his country freer. Unfortunately, I do not know about the king well enough to have an opinion one way or the other.