The Egyptian analogue to the Supreme Court just declared the Muslim Brotherhood-led parliament unconstitutional and disbanded it, giving power back to the military interim government. That's bad news for democracy, but might be good geopolitics for the US and Christians in the region.
The court is made up of Mubarak appointees, so they have something of a vested interest into the pre-2011 status quo. What we're seeing is something akin to Turkey, where the military there has stepped in to toss governments that look too un-secular, although the current government seems to have escaped that fate as it tries to give Muslims more room to maneuver in the public square.
That sounds good from a freedom-of-religion standpoint, but it has also resulted in a less-pro-western government in Turkey, as they have ditched previously friendly relations with Israel. A MB government in Egypt will be more anti-Israel and more pro-Hamas than the current one, which leaves small-d democrats rooting for the MB and conservative foreign-policy types rooting for the Mubarak holdovers.
Adding to the mix is the Coptic Christians in Egypt who weren't exactly best buddies with Mubarak but were treated with some deference; the more radical Muslims in the new parliament might be inclined to put severe restrictions on the Copts if not forcing them underground. A similar dynamic is going down in Syria, where the Assads, religious minorities themselves as a Muslim analogue to Mormons (if I can take some poetic license; the Alwaitis are looked at as apostate by Shia and Sunni alike), treat their Christians much better than the opposition would; part of Russia's backing of Assad could well flow from an honorable looking after fellow Orthodox churchmen in Syria.
Thus, conservatives would have some things to be happy about if the military stays in power in Egypt, except that the neocon vision of spreading democracy around the world takes it in the chops. One could see the Pat Buchanans in the realm cheering but the Weekly Standard crowd being of mixed thoughts.
It might well be worth letting one of these popularly-elected Islamist government actually be allowed to govern and see if they can coexist with the rest of the world. If they can coexist, that will take a lot of the steam out of al Qaeda and their ilk if we can give would-be jihadis a political outlet to change corrupt systems rather than forcing them to arms to get their way. If the powers that be keep pulling the plug when they win, they'll stop being part of the political process and take up arms or bombs.
There is an election coming up for president, pitting a MB guy versus a Mubarak leftover; the winner would be in position to move things in their direction, although a MB president going up against the military might result in a civil war far bloodier than we saw last year.