From the link that Hancle cited, about the 26 minute mark when the Pope finishes, GW shook his hand and said "Thank you, your Holiness. Awesome speech." As he leads him back to his chair, he added something about sitting back down for one more song.

All that aside, I see absolutely nothing wrong with the comment. It was totally in character with their apparent rapport. Just because the word awesome has taken on a slang reputation does not denigrate its usefulness as a powerful adjective.

One snag for President Bush, however. Obama's attorney has notified the White House of their intent to sue over copyright infringement. It seems Barrack had used the same comment so often following sermons by Rev Wright that he had it copyrighted.