We drove it back in 2011 - too long ago to be of any relevance.
I very much doubt there will be a security issue if you follow the coast. The resorts all along the coast (Taba, Numweiba, Dahab, Sharm) are all operating as normal. There was a flurry of "kidnappings" on the road that turns off the coastal road up to St Catherines a few months back which were in fact local bedouin protests and the only physical danger the victims were in was a mint tea overdose.
It is a relatively well trafficked route with a few police checks along it. A good tar road.
BTW Jordan is great - especially if you have your own vehicle. If you have time explore the desert castles in the east as well as the usual suspects. Bush camping in Wadi Rum is allowed and a great experience. Sinai is also beautiful. I recommend camping on the beach in the Ras Mohammed NP rather than entering the maelstrom that is Sharm.
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