Sadly, I think you are correct. I simply don't feel that Mubarak was ever a threat to the US, Israel or any of our other allies. Unfortunately there is no upside to our efforts to overthrow him. If it works out for Egypt, they will never give the US credit for it, but if it goes badly in Egypt then our meddling will be used by Muslim extremists to stir up the next revolution. There are other dictators in the region worth overthrowing...but not Mubarak.
Next to those dictators, Mubarak was a cream puff. They would have rolled the tanks and deployed the death squads after the first protests.
Remember those three-week long protests in Saddam's Iraq? Neither do I.