The thing that worries me is this:

lets say Mubarak steps down tomorrow, and totally relinquishes power. (As the protestors want)

Then what?

Who is going to run the government until elections are held? How can it be guaranteed that they will turn over power to the winner of the election? You can’t set up an actually democratic election in less than a couple of months. You have to have some process for choosing candidates, oversight, etc.