Mubarak vs Hamas
Now before Neocons (Americans, and Arabs--can you believe we have those? strange times!) start fuming "Hamas is a terrorist organization" out of their nostrils, let me just say that I'm speaking from a completely pragmatic, Egyptian, strategic point of view. Machiavellian, if you wish.
It is a strategic imperative that whoever is governing Palestine will need Egyptian support (for lots of reasons). And for a while Egypt seemed to be holding on to this card, as if it will bail us out of some jail; thanks to our horrible foreign policy, this was the only issue that kept Egypt a relevant regional player (i.e. "America, Israel, or the EU can't talk to Palestinians? Easy, go to Mubarak down in Cairo, and he'll take care")
It is also well known that Hamas (the democratically elected Palestinian government, for better or worse) is a satellite organization of Ikhwan (MB) in Egypt (in his latest TV interview, Mahdy Akef bragged that Ismail Hanea, Palestinian PM, consulted with him about his cabinet)
It is also a fact that the Palestinian president, Mahmoud Abbas, isn't the gladdest folk on the block about the outcome of the Palestinian elections; he certainly wished for his Fatah to form the government.
In a situation like this, I would imagine that Egypt should have tried to hold all the strings in its hands. Mubarak should have tried to 1) contain Hamas and win their trust; 2) up the pressure on Mahmoud Abbas to try to get him to cooperate with his government; and 3) convince the Americans and the Europeans, as well as Hamas, that if anybody wanted to communicate anything to the other party, then they should take it to him...in other words, play everybody's friend (aka Mubarak's favorite position). This would have achieved 1) more stability in Palestine which translates to securer borders, and more stability in Sinai; 2) bigger strategic role for Egypt in the middle east (and can be used as bargaining card in other issues like limits on exports, free zone agreement, etc...); and 3) effectively drive a stake through the MB by containing their Palestinian branch (come on, if the man can get them the aid money from the US and Europe, they wouldn't mind having a Supreme Guide Mubarak!)
Instead, Mubarak ignores Hamas, his FM snubs his Palestinian counterpart, and then later he travels to Jordan to join its boyking in his chorus about how the "evil Hamas is trying to destabilize my country"!
Again, remember that this has nothing to do with the nature of Hamas. Mubarak is so old to be talking about stands for principles now. So spare me those!