Here’s an optimistic view of events in Egypt, from Walter Russell Mead. Whether or not you agree with him, Mead is a very smart guy, and his points are worth considering:
Many observers assume that any agreement between Egypt and Hamas that opened Gaza to trade would pose a threat to Israel. There would certainly be problems, and it would be easier for Hamas or for more radical groups to get arms. But there’s another side to the story. Deeper economic ties between Egypt and Gaza will give Cairo much more influence over the Strip and Cairo needs reasonably smooth relations with Israel to focus on its own economic development. Egypt may not like its peace treaty with Israel but it cannot afford a war. It is particularly averse to the idea that a handful of hot headed radicals in Gaza could drag all of Egypt into an unwanted war.