Egypt is probably the most important nation in terms of non-peninsular Arabs. Peninsular Arabs might give Saudi Arabia that place of preeminence. Regardless, Egypt was the only Arab Nation to retain anything resembling independence in the face of the Colonial Powers, has a huge population, a good military, and a good deal of economic clout. Syria still has its credentials as Pan-Arabists and anti-Colonialists, and Jordan still has its good relations with the West and other such factors, but Egypt is simply the only Arab state that is comparable to Israel in terms of military power, and has a people willing to use that military might.
Keep in mind, the Israelis tried to intimidate the Syrians and told the Jordanians to their faces that they were not interested in reaching a compromise beyond their own diktat. But both they and the US for them have been buying off the Egyptians (Egypt receives the third largest amount of aid from the US, behind Iraq and Israel and ahead of Afghanistan, about 1.9 Billion Dollars compared to Israel's 2.6 billion and Afghanistan's 1.77 Billion).
Regionally, Iran or Turkey might be able to claim they are more important, but they are Persian and Turkish nations respectively, not Arab. Similarly, Israel's soft power is heavily limited in the area and they're not an Arab state besides.
If Egypt gets its act together and tries to export most any ideology, it will be successful in some measure. As probably the most powerful of the Arab states and due to the fact the Arab world still has lingering pan-Arab sentiments, it has tremendous potential for soft power. As far as hard power, it has the potential to challenge Israel and I don't believe is significantly threatened by any other neighbor, and further is significantly less reliant on the US than Israel is.
Though I feel it gets muddied, this situation is extremely important. Whether the media will lose interest (anyone remember the Ashura Day Protests?) is another matter entirely.