Adam Shatz examines it:

Mubarak is gone, but the streets have been mostly cleared of protesters and the army has filled the vacuum: chastened, yet still in power and with considerable resources at its disposal. Until elections are held in six months, the Supreme Council of the Armed Forces will be ruling by decree, without the façade of parliamentary government. The parliament, voted into office in rigged elections, has been dissolved, a move that won wide support, and a new constitution is being drafted, but it’s not clear how much of a hand the opposition will have in shaping it. More ominously, the Supreme Council has vowed to punish anyone it can accuse of spreading ‘chaos and disorder’.

The blunt rhetoric of its communiqués may be refreshing after the speeches of Mubarak, his son Gamal and the industrialists who dominated the ruling National Democratic Party, with their formulaic promises of reform and their talk of the nobility of the Egyptian people but ten days ago in Tahrir Square the protesters said – maybe even believed - that the army and the people stood together. Today the council’s communiqués are instructions, not proposals to be debated, and it has notably failed to answer the protesters’ two most urgent demands: the repeal of the Emergency Law and the release of thousands of political prisoners.