The movie in question was made by a Copt living in the United States, someone who would know full well that he was going to be not stepping, but smashing toes in some parts of the world.
Personally, although offended by things like "Piss Christ," I don't get Muslim reaction, although I'm bot a Muslim either.
I wouldn't generally speaking advocate playing with obvious fire either.
As to the current riots, Muslim Brothers and Copts, and especially Salafists and Copts, are serious potential enemies in Egypt, as to biblical scale violence, like Bosnia or Lebanon or Chechnya, not something in anyone's interests globally once they think thet through very carefully.
Copts area truly ancient version of the Early Church,dating to the mission of St. Mark in 42 A.D.
That is a long time, and the Copts take a lot of understandable pride as to having in many ways the deepest tie to the oldest part of Egyptian identity that predates both Islam and Christianity, known as Pharonism.
The Copts have also been on a downswing for a long time, especially since Nasser confiscated their lands in the fifties, where as in the Lebannon and with the Maronites, on average the Copts did bettereconomically than Muslims for a variety of reasons.
Anywhere and everywherethat sort of religious or ethnic identity diversity is a powder keg waiting to be set off by extremists on both sides (see Thomas Sowell for his notion of "majority-minortiy and David Horowitz for the best extant global analysis of such things, which have triggered bloodbaths in places like Sri Lanka, Uganda, Lebanon, Bosnia, and Rwanda and Burundi, as what to avoid.)
In Egypt's case, that potential powder keg waiting to go off would be the Brothers and especially the Salafists versus the Copts, and of the following type of form.
Some extremist Copts, and not the Church, want to make a statement on September 11-12 the Coptic New Year and another unhappy anniversary about not liking a Brotherhood Egypt, where there are Brothers wanting to make their lives worse, and most especially Salafists always waiting for a fight, and across the border in Libya too, and of course to their mind Septekmber 11 is just perfect.
Having put the gasoline of the film out there on the Coptic side, knowing that Salafists love to distribute such things to rile people up in order to pass even the Brothers, Salafists predictably were lurking throughout the Middle East with matches.
In that sense, Muhammad Morsi was soemthing of a moderate in a very difficult situation, as was the Coptic hierarchy both, knowing full well that if the rage of the Brothers and most especially Salafists got directed not at American embassies but at the Copts, there is a real potential for a bloodbath along the lines of Lebanon in the senventies, where a lot of similar issues were in play.
Hopefully after the steam blows off, the flags are burned, and not too many people are killed, passions will have been vented, although Muslims it would seem to me need to ask why they always go for this sort of thing Hook, Line and Sinker.
That's just as Christians need to be very wary of how they interact with their fellow Christians in the Middle East, where we know from Lebanon and now Iraq that if things go poorly in terms of religious toleration, things usually go the worst for the Christian minority, if of course you actually care about Christians as acutal people practicing a faith in a not very hospitable environment, to be charitable.