Democracy will bring freedom and economic opportunities, but also inflation and income inequality. Islamism will bring social justice and religious purity, but also social rigidity. A new autocracy will merely turn back the clock. For Libya, the problem is that democracy and oil do not mix well. Russia has shown that in oil economies, economic liberalization gives rise to the emergence of oligarchs resulting in a call for a strong regime. A Libyan democratic government will most probably be unable to combine freedom and social justice.
Interesting that democracy is equated here with economic liberalization, as if the two were synonymous. Interesting also that income inequality and the absence of "social justice" are seen as the principal problems facing a Libyan Democracy.

I suspect that the problems facing an attempt to develop democracy in Libya are likely to be far more severe and immediate than income equality and "social justice" (whatever we take that to mean). Possibly a bit of projection in the picture there.

The most immediate obstacle will be finding a way for government to function at all. Transitions from dictatorship - especially extended dictatorship - to democracy are extraordinarily difficult. Political parties often coalesce around tribal, sectarian, or personalistic lines, offering little real choice in policy or ideology. In many cases elections see positions contested by large numbers of candidates, leaving winners with questionable mandates and very limited popular support. Without clearly established rules and procedures gridlock often sets in, with most debates over the process, rather than the outcome. Popular frustration is often intense, as unrealistic expectations meet reality. At the same time, there are huge and critical decisions to be made: the structure of the oil industry, the extent of foreign involvement, justice vs reconciliation for members and supporters of the old regime, hundreds more.

The first problem will be simply putting a government together that is capable of making a decision, any decision. That's difficult enough.