This is the inherent difficulty (and injustice) of blasphemy laws though. Who gets to define what "insulting" religions or prophets is?
There are many ways to interpret the Egyptian Constitution such that so long as someone was insulted by Bassem, and Bassem's subject matter was Islam, that he has actually broken the law and can be legally punished -- even if from our perspective it's ridiculous to say it was "insulting."
The Egyptian Constitution is just begging for more incidences like this, the Egyptian people need to fix this important document before it's too late!
The subjectivity of the whole "insulting" thing is definitely apparent in this case. Millions who follow Bassem's show on a regular basis--and some of his fans are supporters of the Muslim Brotherhood, too--found nothing wrong with the satire, but some Islamist lawyers did and filed lawsuits against him as a result.
Seeing as how most Egyptians voted in favor of the current constitution, though, I don't see those laws getting changed any time soon. Adding an article that forbids "insulting or mocking prophets and messengers" to the constitution was actually applauded by many people, so I think the majority support such laws.