The Israeli PM says what we expected. Like the U.S., he will not commit to one side, though he, in theory, favors the advancement of democracy, with the caveat that this must not be done in such a way that allows extremist forces to triumph. Most importantly, he wans the whole international community to commit to ensuring that Mubarak’s peace treaty with Israel will remain:

Israel believes that the international community must demand that any Egyptian government must preserve the peace treaty with Israel.
Israel is a democracy and encourages the advancement of democracy in the Middle East.
But if this allows extremist forces to exploit the democratic process to come to power and further their anti-democratic goals, as we have seen in Iran and other places, the results will be damaging to peace and to democracy.