With Mubarak no longer in Egypt, the hand that kept Iran at bay near Israel * in that region is removed.
Today - for the first time in their history - Egypt just granted 2 Iranian warships permission to travel through the Suez Canal, their destination is either Syria or Beirut. Israel has learned that the Iranian cruiser Kharg is carrying long-range missiles for Hizballah.
The full story is here
Israel has an interesting decision to make.