Egyptian Adventures: Hamunaptra is a well written little egyptian resource. Available both in boxed set and PDf format.
I think it's more appropriate for "Egypt-inspired setting dropped into a D&D world", and then, one where you have a sort of Kalamaran "the same deities being known by different names in different cultures" attitude. Elsewise, the inclusion of standard races, though worked in as well as you really could expect them to be, seems a bit odd. You still might wonder why there are in the setting in the first place if you are outside of a D&D context.
But then, it's not like you couldn't drop the nonhuman races and keep the rest of the setting and character material.
Green Ronin's Testament has a bit less D&Dish (but still "mythical") take on Egypt.