Khaled Guindy writes:
Despite a general sense that things might still change for the worse, especially given Egypt’s instability and its strongly anti-Israel political culture, Israeli military officials have nothing but praise for Egyptian-Israeli security cooperation, which they say is better today than it was under Mubarak. According to Israeli analyst, Avi Issacharoff, “Whatever uncertainty Israelis may have had at the start of the transition, they now know they have a partner on the Egyptian side.” That claim was backed up by Morsi’s pivotal role in securing a Gaza ceasefire last November.
Even the highly unpopular Gaza blockade, which the Brotherhood had always vowed to overturn, has been loosened but not yet lifted. Thus, despite the Brotherhood’s ideological and historical affinity with Hamas, itself a Brotherhood offshoot, Gaza’s Islamist rulers remain in a box—albeit a bigger one than before.
This reminds me that recently someone who was recently in Israel said the security establishment thinks that Egypt will keep a lid on Hamas for them. I wouldn't expect that to last (if only because Hamas may have more clout over Egypt than vice-versa these days), but it's true that so far they're probably not too unhappy.