Hot damn. There's still a big messy process ahead and lots of ugly possibilities, but this is surely better than if Mubarak was still trying to cling to power.
Weird to see the reaction on the right to all this. It's split between those like Beck, who push the Muslim Brotherhood->Caliphate->dhimmitude meme, and politicians like Palin who are vague about the whole thing but certain that Obama somehow didn't handle it right. I think the politicians are hedging because they know Americans will naturally side with protesters over a foreign dictator, so they can't be seen as outright hostile to the demonstrators.
It's all a bit funny if you remember the Arab Spring of 2005, when the Cedar Revolution and other potential reforms and liberalizations in the ME (including concessions by Mubarak in Egypt!) were hailed by conservative pundits as unambiguously good things, all spurred by our liberating war in Iraq.