i don't think this will end well at all. for one thing, the police forces support the coup. that's never a good sign. these are the same police forces that supported mubarak with violence, extrajudicial killings, and rape. before the overthrow of mubarak, the military was a major economic power in the country, and those within the hierarchy used this to their economic advantage. now that they have explicit political control (for the second time since the overthrow), i only expect this to intensify. and of course, MB won't take this lightly. they were in the streets with guns days ago, and they only have more reasons to arm themselves today. edit: for a good picture of the power dynamics at play within Egypt today take a look at Deadlock in Cairo, written in March but still pretty relevant
This is certainly a choice between evils, no doubt. Getting rid of Morsi now may save the trouble of having to do so later when his power is even more entrenched. With a minority backing, it is unconscionable to try to turn a flagging democracy into a theocracy. Theocrats should all burn in hell as far as I'm concerned.