I was there last January (2000) and had a great time (with the exception of my arrival from and departure to TLV on El Al and being mobbed by Ramadan crowds). The weather was still quite reasonable, although a sweater and windbreaker would still be useful in Cairo.
I have no hotel or restaurant recommendations (other than the restaurants at the Mena House at the Pyramids or my $5-a-night Dahab-style crashpad), but I can recommend the following sightseeing options:
Hire a car and driver (very cheap at about $20-$30) and tour the three pyramid groups beginning with the Giza plateau and then head further south. Forget the names of the other two at the moment... In any case, get there early, because it is possible to have the pyramids at Giza all to yourself if you get there early enough. There is also a laser show at night which is OK if you have the time. There will be plenty of opportunities to ride a camel/horse, but you should know ahead of time that the drivers are all scam-artists.
The Egyptian Museum will be packed but everyone goes anyway...
Coptic Cairo is amazing. Still a large Coptic Christian population there and the architecture is timeless.
One amazing (and free) event to take advantage of is the Sufi dancing. Get there early for the best seats (front row and in the middle). The theatre is next to the main shopping bazaar (which is a great place to pick up souvenirs and spices)
Outside Cairo, you can fly or take the overnight train down to Luxor. If you have limited time, I would say that the highlight would have to be forest of columns at Karnak Temple. Personally, I didn't enjoy the Valley of the Kings or the Queens all that much. Lots of tombs, which are fascinating but I prefer being outside. If you had the energy, you could take a nice hike from one valley over the pass to the next valley for some great views.
But I would endure a 48-hour third-class carriage ride to see Karnak again. I regrettably did not see the light show. It is actually a walking tour through the temples at night. Everyone says that this is a MUST.
Once you are in Luxor, then the next obvious thing to do is to hire a felucca and take a sunset sail on the Nile.
On my next trip to Egypt, I would like to see Alexandria and the Sinai/Red Sea...
[This message has been edited by fallinasleep (edited 12-13-2000).]