Barry Rubin hits it home:
This is a huge lesson in political culture. It also shows just how bad the media coverage has been! Mubarak is not resigning. He’s managing the “reform” process. He is appointing a committee to study constitutional changes. He will decide when there are elections. He is going to “consider” changing the emergency law.
He basically said: I am an Arab warrior, not a community organizer. That speech should be required reading for anyone who wants to understand the Middle East.