Egypt mostly follows the "consensus" on the Palestinian issue. They are the other group holding the blockade on the Gaza Strip, preventing anything from going in by land or near their maritime border (and the tunnel problem).
Like the other Arab nationalist regimes, they've become concerned with the rise of "fundamentalism" in their borders by an angry populace who feel they've sold out in regards to the Palestinian issue and western influence in the region. To their critics, the NDP is now simply abusing the power of the state. Hamas has definitely eclipsed Fatah (the Arab nationalist group there), and that's bad for the NDP in Egypt, who in turn fear the Muslim Brotherhood group becoming strong in their nation.
On another aspect they were fearing when this group of opposition against Arab nationalist parties and governments would line up with Iran's own interests in the region too. I believe wikileaks showed that Mubarak was much more fearful of Iran than anything else.
Granyaski;5454586Refresh me on my history. Do Egypt still technically 'own' Gaza?
I don't think they ever owned the Gaza strip. They occupied it for a while, as did Israel. Originally it was Palestinian territory, now it is theoretically under the control of the Palestinian Authority, in practice Hamas rules there.