As bad as the outcome has been (with the military coup) and with the instability that it will likely generate, I am fine with what is going on in Egypt and how the US is staying out of it. I actually don't need Obama or any other US leader to back one side or the other. I would rather them influence things where they can privately.
But on to why the coup can be good for Egypt. Number one, Morsi was systematically picking apart the constitution and collecting power for himself. He essentially had control of the judiciary and I think was on the way to marginalizing the legislature there. Whoever, is elected by Egyptians needs to respect the constitution and do what he can to benefit the country. Egypt has big problems with unemployment, finances, and even potential food shortages. The President needs to find a way to either improve those problems or stay out of the populaces way as they do.
Number two, it will be good for the Christians in Egypt. It isn't reported here but since Morsi was elected and the government turned more and more Islamist, the church there suffered. Many were having they possessions stolen or destroyed. Many were imprisoned for their beliefs. Others were being murdered leaving the families without even hope for justice. This may be a personal thing, but Egypt needs a leader and government that will protect all citizens and accept them despite their belief system.
Number three, Egypt needs financial help. It has for years. The problem was that aid was starting to dry up due to Morsi's Islamist affiliation and his usurping the constitution. This is likely the main reason the military intervened. With a more respected president, that aid is more likely to continue.
It's all in flux now though. Who knows what will happen. I am glad the US is staying out for the most part. I am sure there have been talks with the military though.