From an interesting new blog, Accidental Occidental:
The question is why SCAF would give the “win,” at least on paper, to Morsi. It is no secret SCAF’s days were numbered if they refused to hand over power. This is their exit strategy. SCAF has appeared to castrate themselves in the press, but without losing any of their real power (drawn not from governing but from being the elephant in the room during the governing process). SCAF has feinted, and it appears to have worked. Attacks in the Sinai, power outages, and water shortages are now dropped cleanly in the Muslim Brotherhood’s lap. Any public anger is no longer directed towards the military-industrial complex, but towards the civilian government.
SCAF is playing the long game. In my opinion, they are doing it very shrewdly and very well. Juntas normally do not sacrifice battles for the war, but SCAF has appeared willing to do just that. In the end, it appears the military will stand free from any legitimate criticism and there will be no substantive change in the military-industrial complex.
I agree with this take and put it in a different way in a Guardian piece yesterday — i.e. that talk of Morsi's triumph overshadows that generals (just different generals) were still kingmakers. It might develop in a positive way (the military will stay out of most civilian business and things will overall improve in Egypt in terms of governance, human rights, etc.) but there is no reason to believe it will automatically do so.
Accidental Occidental, by the way, appears to chiefly concern itself with a critique of leftist discourse on the Middle East, from a leftist perspective. The author writes:
My contention is that “anti-colonialism” became one of the myths used by Fascist governments in the Middle East to oppresses and eradicate opposition. We on the Left went to bed with murders, crooks and thieves in the fight against colonialism and it has only led to a new fascism in the Middle East. We never considered that we would be the fascists. The purpose of this blog is to question exactly that myth.