[UPDATE: The people have won!]
Now that Mubarak has gone on television, pundits are running to weigh the effects. He appears not to have abdicated; this could send the country into chaos.
One amusing sight was CBC television, reporting that they'd had the president's words mis-translated, and that he had, in fact, stepped down. However the crowd is still there, furious. CNN, at 4:20 pm, EST, was still reporting his refusal to step aside.
Obviously, this is a feudal monarch; actually, one with less acumen than Louis XVI, who accommodated democrats more readily.
Then again, Mubarak may have more to hide from his opponents, such as evidence of corruption. Perhaps that's why he needs 6 months before leaving town.