.The military has been in charge of Egypt since the early 1950's. Nasser, Sadat, and Mubarak were all from the military, and were selected and kept in place by the military. Now we hear that Mubarak was deposed by the military, and that the military council is now in charge.
Nothing has changed at all.
Will we see a great flowering of democracy and freedom in Egypt? Well, I note that no one in the Obama administration even mentions the word "freedom", and the worst dictatorships are often born in democracy. (Hitler was freely elected, for example. Hamas in Gaza is a more recent one.)
The military remains in control. I think the only power that can overthrow them would be an Islamic revolution. The younger members of the military tend toward jihad. Perhaps they are strong enough now, if the chaos continues, to build a successful revolution with the Muslim Brotherhood. Or perhaps their time will be a few years from now, after dissatisfaction with the next military ruler is again inflamed by the Iranians and their proxies.
Hosni Mubarak and Anwar Sadat. Mubarak was a General in the Egyptian Air Force when Sadat picked him to be Vice President.