This is the oldest or most important street of medieval Cairo along which are a great number of historically significant monuments. It's definitely worth a day or half a day's visit.
From Khan el-Khalili you can follow the main paved street north to a series of back-to-back monumental complexes built by various sultans. The street ends at the northern gate of Bab al-Futuh and the old city walls. If you go south from Khan el-Khalili, you'll have to cross Al-Azhar street, then pass between the two buildings of Sultan al-Ghuri and along a packed market street to Bab Zuweila, an old city gate open inside as a small museum from which you can climb two minarets for stunning views.
NEW UPDATE: You must now purchase an official ticket to visit most of the main monuments in the Bayn al-Qasrayn area (the area north of Khan el-Khalili including the Sultan Qalawun complex). This is new from last year, and isn't yet mentioned in any of the main travel books. The price is 100 Egyptian pounds for foreigners, or 50 for foreign students.
It's a pretty steep price, however it's valid for all of 6-7 monuments along the street, and it's partly an improvement to the previous state of affairs because each monument is now always open and you can visit it entirely without being bothered by baksheesh-seeking caretakers (who in my last experience were neither helpful nor friendly). If one of the mausoleum chambers is locked you should be able to find someone to open it, without necessarily giving a tip. Similarly, the Hammam of Sultan Inal and the Qasr/Palace Bashtak appears to be visited with a guide, but no tip seems to be expected either (presumably it's included in the ticket price, thankfully). The guides only speak Arabic but still show you around the building which would otherwise be a little difficult to understand. At the Qasr Bashtak you will even be taken to the roof from where there are good views of al-Muizz street.
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