Egypt’s Vice President Suleiman says Mubarak has resigned from the presidency and handed over power to the Egyptian military. The AP reported earlier in the day that Mr. Mubarak had decamped to his residence in Sharm al-Sheik, a resort town at the southern tip of the Sinai peninsula. “In these difficult circumstances that the country is passing through, President Hosni Mubarak has decided to leave the position of the presidency,” Suleiman said. He has commissioned the armed forces council to direct the issues of the state.” Tahrir Square erupts with cheers after news of Mubarak resigning. Watch:

However, here’s a just posted comment from Nicholas D. Kristof of the New York Times:

So President Mubarak has stepped down, according to a statement just now from the vice president. The military is in charge. This is a huge triumph for the Egyptian people — but my fear is that some generals want to continue the system, Mubarakism without Mubarak. That would be utterly unacceptable to the protesters.

“We have confidence in our army, and we are happy with the latest Armed Forces statement,” the activists said in comments posted on an anti-regime website signed by Google Inc. executive Wael Ghonim and five others.

Middle East channel Al Arabiya reports that the Higher Military Council, which has taken control from Hosni Mubarak, will fire Mubarak’s Cabinet, suspend both houses of Parliament and rule with the head of the supreme constitutional court.