Frankly, while this a pretty forceful speech, I don't see how the establishment former nominee slamming Trump necessarily hurts him. Maybe it does, but I don't really think it will.
Ok, let's just think about this for a minute. The big reason Trump is doing so well this cycle is that people are finally sick and tired of being told specific things by politicians when they're trying to get elected and then having these same folks completely ignore the very things that put them in office. Who's most responsible for Donald Trump's popularity this cycle? No, not Donald Trump, the "establishment" people that are currently wetting themselves because Trump is doing so well. So what does this brain trust come up with to counter balance the populism of Trump? Well, let's have the losing establishment candidate that ran in the last cycle give a speech about how terrible Trump is, that should fix everything.
If anything, this is simply another indication of the complete and utter disconnect that exists between the expectations/concerns of those in the electorate and those who run the major political parties. If Romney needed further evidence of his being inconsequential, he's about to get it.