Well, not yet, but it is only a matter of time.
EDIT - You read it here first! - END EDIT
The army has been called into quell the protests and he was supposed to make a speech on Egyptian TV - a speech that has been postponed.
It seems that Mubarak's primary backer has pulled out - Brian Whittaker from The Guardian describes his view of the US position, which if true more or less means they no longer think Mubarak will be in power for long:
It looks to me as if Clinton is angling for a negotiated departure by Mubarak, accompanied by an increase in political freedom. I think the US is aiming to structure the solution in a way that would protect its key interests: the peace treaty with Israel, the Suez canal, and co-operation against terrorism.
The other main backer of the regime would be the army, but there have been reports where atleast some from the army have failed or refused to crackdown on protesters, in places members of the armed forces shook hands with protesters, in other parts, they have been cheered on the same protesters.
So it seems they are trying to make the best of it for themselves, angling for a new regime that is close enough to the old regime where their interests lie. Now its good to mention freedoms etc, but giving people freedoms will mean that the aspirations of the people will clash with the aspirations of the US and Israel, so what they really want is a new regime which has had a cosmetic makeover and is identical to the old regime.
But that is all after the fact. First, the wobble has to be turned into a fall and that is where the Egyptians need to do something that they have not managed to do in a long long time.
EDIT - new posts on twitter suggest that protesters have managed storm the Egyptian state TV station. If that has happened, it really could be game over - he controls the voice of the nation controls the nation. Or something like that. Let's see if they can get onto air.
EDIT 2 - New reports the army has dispersed the crowds that had stormed the TV station and the station had managed to stay on air through out giving the official government view (including what I read earlier, its suggestion that there were no crowds gathered outside...)