Protesters have gathered in Tahrir (Liberation) Square and have demanded that President of 30 long years, Hosni Mubarak, step down from power.
The protests started on January 25th and have swelled in numbers up to today, when nearly 2 million people are gathered in central Cairo in pursuit of a common goal.
Some are worried about the local Islamic group, the Muslim Brotherhood, taking power afterward, however those fears are baseless as the next leader has been selected to be Nobel Prize winner Mohamed ElBaradei, a former UN official.
Al Jazeera has been the biggest coverer of the story, with other news networks simply mentioning it only as far as they believe will get them ratings. Al Jazeera's coverage of the story can be found here: http://www.youtube.com/aljazeeraenglish
Here's a video update from Al Jazeera's youtube page
Update: 4:05 EST, President Mubarak promises not to run in the next Presidential Election, Vows to "die on Egyptian soil" and not flee the country like Tunisia's President. The protesters are not buying this and are now chanting "Go Away, go away!"