Andrew Exum argues that American leverage in the Middle East shouldn't be traded away so lightly:
The principle problem is one that has been in my head watching more violent crackdowns in Bahrain and Egypt: the very source of U.S. leverage against the regimes in Bahrain and Egypt is that which links the United States to the abuses of the regime in the first place. So if you want to take a "moral" stand against the abuses of the regime in Bahrain and remove the Fifth Fleet, congratulations! You can feel good about yourself for about 24 hours -- or until the time you realize that you have just lost the ability to schedule a same-day meeting with the Crown Prince to press him on the behavior of Bahrain's security forces. Your leverage, such as it was, has just evaporated. The same is true in Egypt. It would feel good, amidst these violent clashes between the Army and protesters, to cut aid to the Egyptian Army. But in doing so, you also reduce your own leverage over the behavior of the Army itself.
But all of this begs an important question - leverage for what? The idea is that the U.S. invests in places like Bahrain and Egypt because it needs or wants something in return. During the Cold War, it was keeping these states out of the Soviet orbit. In the 1990s and beyond, it was ensuring these states remained friendly with Israel and accommodative to U.S. military power in the region. Today, what? What is it that U.S. policy requires from Egypt and Bahrain that necessitates supporting these regimes during these brutal crack downs?