Admittedly, my opinions about all of this are evolving as this socio-political drama continues. And, I certainly don't want to jinx things, but I think the Egyptian people, Mubarak and the army and have done a remarkable job thus far by avoiding violence and a coupe.
Egyptians have risked their lives to express their political opposition or support, without rioting or violence, thus far. Businesses and government buildings have not been destroyed and it seems there has been good order, all things considered. It doesn't seem like they are calling for violence (yet).
The military clearly has the independence and power to take whatever action it chooses, but thus far has remained peaceful towards both the people and Mubarak. It hasn't appeared to have taken sides. I hope that this will continue.
Mubarak, who I didn’t know much about until the last week or two is, in my opinion, is doing the best he can to cling to his Office. Hopefully, this is an effort to protect the sanctity of the Egyptian Presidency. So, I would like to think that his transfer of power to the VP was a smart move, albeit probably too late to help simmer down the protests. Also, if he really plans to stay out of the September Elections, and just plans to ride out his "term" as a lame duck, he may be doing the American perception of democracy fairly well. That is, democratic governments need to rise and fall at the ballot box or pursuant to pre-established guidelines.
In all, I guess what I am trying to say is that I believe that, on its face, it would be a great thing from an American perspective of democracy, that all of this works itself out peacefully. Otherwise, Egypt will be walking away from democracy and towards mob rule as opposed to democracy.
(Now, having expressed myself, Zbignu Brezinsky gave the situation 48 hour or less on the PBS news last night.)