Check out my piece in The National Interest:
The emergence of an elective presidency in Egypt will essentially be the rise of a third branch of government. There is an enormous institutional potential here. While the president will be forced to carve out authority from the two older branches, the position will come with enormous weight. A capable president could play the older branches off each other and force them to resolve their tensions via appeals to the public. Ultimately, the president would aim to eliminate the old executive, returning the military to a quieter role in politics and consolidating his power. All this would be enormously beneficial to the development of a legitimate and democratic government in Egypt.
In spite of the complex political and social forces the revolution unleashed, the Egyptian on the street now faces an unpalatable binary choice: a Thermidorian turn to the old elite or increased authority for the deeply controversial Islamist party.