With the recent news on demonstrators in Egypt demanding Mubarak in court and soldiers crushing their demonstration it looks like things are going wrong.
In my opinion the main problem is the lack of credible leadership. Egypt needs a leader who both the demonstrators and the soldiers will believe. He should both be able to tell the demonstrators that it is not a good idea to bring Mubarak in court - provided he gives up most of his fortune - and to tell the soldiers that demonstrators are Egyptians too and deserve a decent treatment. I am not an expert on Egypt but I think that it should be someone from the opposition who has some credibility with the Mubarak-era establishment, like Baradei
Without such a figure there is a risk that the situation may escalate.