@
Pyromaniacal you're looking at this from a very guard point of view, what you need to do is try and see how the rebels saw all of this. They were outraged by the nobles, the guards, and the government. They had a set target of who they wanted to destroy and would not be appeased until they recieved what they wanted. Which, sadly for them, ended up being death for their targets once they became angry enough. The guards seeing the uproar and the weapons instantly realized that this was a riot spiraling into violence. To put it down, they formed up and killed everyone they suspected to be in the riot. Fighting fire with fire...
In the end, the rebels terms weren't met, and pointless blood was spilled. I see no reason to celebrate. Only a reason to weep for the poor souls that were lost in their attempt to restore justice.