It seems the Egyptian government is no more. In resigning, Hosni Mubarak supposedly transferred power to the Supreme Military Council although the constitutional basis for that is unknown. However the Jerusalem Post reports the Egyptian military will cement the deal by immediately sacking the Mubarak cabinet and proceeding to dissolve Egypt's parliament.
Wiping the slate clean was always fundamental to prospects for genuine democratic reform and the decisiveness shown by the military council suggests they're serious about reform.
It remains to be seen whether the military will initiate some sort of "national reconciliation" scheme to absolve Mubarak and the NDP leadership of responsibility for any past excesses.
Now to fall back on the tag line of every hack reporter, I'll just say "time will tell."