These journalists are protesting the doubling of libel fines and the government's refusal to put an end to prison sentences (up to two years) for libel, which President Mubarak had promised to scratch in 2004. A few days ago the head of the Upper House of parliament, Safwat Al Sherif, said something along the lines that the president's promise did not oblige the government to comply, which surely is the first time any Egyptian politician suggests that the president is not a man of his word or that his word is of no consequence!
The government has backed down ever so slightly by agreeing not to only dole out suspended prison sentences (rather than full ones) to journalists who revealed the financial details of private individuals, which won't be enough to appease journalists. The Journalists' Syndicate, meanwhile, is furious and its board is threatening resignation among complaints that its head, Galal Aref, is not being aggressive enough in defending the syndicate's interests. Predictably there are internal splits along the lines we saw in the Judges' Club, with a more pro-government wing accusing others of politicizing the press.
All this, of course, should be seen in the context of a wider crackdown on the press after the opening of 2005. Journalists are not likely to give up their new-found freedom so easily, so we can expect more imprisonments and crackdowns to come as the regime hammers its u-turn on the press in. It now seems that the regime is going to make sure to lock up or minimize all avenues of dissent ahead of the coming transition from Mubarak to his son, or whoever else.