This study is a reading of the results of the referendum on the Egyptian constitution which was backed by 63.8% of those who voted and rejected by 36.2%. The opposition saw this result as testimony to it having become an organized force opposing political Islam whose popularity was declining. Do the results of the referendum really indicate a decline in the strength of political Islam in Egypt? Or a fall in the levels of support for the Muslim Brotherhood specifically? And that the opposition has developed an attractive alternative for voters? This study concludes that the drop in turnout at the referendum, most likely, reduced the share of the opponents of the Islamist trend, for the opposition has failed, or so it seems till now, to formulate a clear alternative program to the Islamist project. On the other hand, if turnout continues to decline, this suggests that a section of Egyptians feel that no one represents them or that they are beginning to despair of the political process. That is something that all the political currents and forces should pay attention to.