A couple of notes:

1) Most of the LCC action into Egypt is into Hurghada and Sharm. This is also where most of the charters/package holidays go. This works great, of course, if you want a beach vacation, but not so well if you want to do the sites instead. Also, as others have mentioned, the baggage limits and all of the extra charges can really add up.

2) In addition to Germany, fares into and out of MXP and FCO are also usually pretty competitive.