You can watch the revolution, live and in progress, here. Marc Lynch is blogging it. I agree with Joshua Tucker that Twitter is the best source for up-to-date information, although caveat emptor.
My thoughts are still forming. Last night I tweeted:
I want democracy in #Egypt. I also fear democracy in Egypt. I hate that the US gov is backing Mubarak, but I know why. #nogreatoptions
That basically sums it up for me, and I'm glad to see the Obama administration walking back its support for Mubarak. Obama needs to get out in front of this. Soon. ADDED: Then again, Dubya's early support for the coup against Hugo Chavez back-fired, so maybe taking a wait-and-see approach is best. For a while.
Here is Obama's speech in Cairo 18 months ago.
UPDATE: Apparently the U.S. has been supporting Egyptian dissidents for years.