Morsi has to strike a balance between Sharia and democratic rights; he has to deal with the rigid Salafist in his party and hopes and demands of the "revolutionaries" of Tahrir Square while the powerful military looks over his shoulder, suspicious of this one-time enemy from the Muslim Brotherhood and protective of its business investments and its place ihn Egypt.
A few days have gone by and peace has held, with each side watching and waiting. Morsi has to choose his cabinet and maybe he is smart enough to make it inclusive, with members from the Brotherhood, from the "opposition' and from the Copts and the business community. This may buy him some time, give the economy a chance to begin a recovery and allow him to negotiate some accomodation with the military, especially as it applies to the legislature and the writing of a new constitution. He has to govern by executive decree as the Assembly has been dissolved by the Supreme Court. There is no buffer between him and the military command and this is not a tenable position. Eventually something will have to give and that will be the day of reckoning.
United States, Europe and especially Israel wait. What kind of outside pressure will be exerted on Morsi and on the military and how will each react? The military does not want to lose the billions from the USA, and Egypt/Morsi does not to lose the billions in economic aid from Europe and US. Will that buy enough time to work out compromises?
Will the people wait, especially the poor? They have revolted in the past over the price of foodstuff, especiall bread. It is a volatile situation, a tinderbox and the spark may come from anywhere. It will come and will roil the entire region and beyond.