Thanks to everyone's input, we recently did this program in Dec. 2014. Route JFK-CAI-PEK, with a 36-hour stopover in Cairo (arriving at noon, departing midnight next day). Award ticket from UA, Class X.
Since everyone complained about the long wait for visas, we decided to apply for tourist visas beforehand. We did not have to wait at the transfer desk, and were assigned a hotel right away. The hotel, Le Meridien, was inside the airport. I believe it is one of the very few 5-star hotels in Cairo. Free buffet meal vouchers.

It was a nice experience overall, plus a couple of minor problems.

I thought the hotel would have a Karnak tour office and did not book the tour at the transfer desk. HUGE mistake. Le Meridien cannot help arrange tours, and there was no Karnak office. Had to dig out Karnak's phone number (thank GOD, they operate 24/7) and arranged the tour over the phone.
Next day, after we came back from the tour. The front desk stopped us, and asked us to pay for the room. Apparently, the transfer desk did not inform us that the room was only offered for 24 hours. And we over-stayed. I told the rep to work it out with Egyptair, and I was not not going to pay a penny. We did not have to pay in the end, but had to pack and leave abruptly. So, here it is "24-hour max stay".
Another word of caution, be prepared for being asked for a bribe. Happened twice in the airport, clearing customs and security check. $2 or 10 pounds should suffice.
Hope my experience is helpful to y'all.

P.S Karnak's website, so you can have a look at the tours offered.
http://karnak.egyptair.com/