I don't write very often about Israel/Palestine, because it's not really an area of my expertise (though I certainly know more about it than, say, Marty Peretz or Noah Pollak, in that I'm not demented), and because no other topic quite brings out the Internet crazy. Like, say, Marty Peretz, between whom and Pam Gellar there's not a tit's worth of insane difference here.
However. One need not carry any brief for Hamas without it being clear that the current Israeli government, and likely subsequent Israeli governments, don't want "peace" so much as an interminable extension of the status quo: "don't fuck with us" as policy, in other words. In which case we can expect nothing to change more or less forever, with the sort of wildly disproportionate response to a non-existential threat we're currently witnessing. (Someone else may wish to defend a military action that has, what, 65 civilian corpses on the one side -- the vastly weaker side -- and, what, six? on the other, as "proportionate," but I don't go in for this sort of math, personally, as it involves a moral algebra I have no interest in mastering.)
I don't see how Israel's interests are being particularly well served in the long run with this sort of an approach. But then, I'm American, not Israeli, so for me the more pressing question is whether or not American interests are being particularly well served in supporting current Israeli policy so generously with our tax dollars. And the answer to that question would seem to be "no." If this is what Israel wants to do, fine. But they can pay for it themselves. But I don't have to pay for it, I don't want to pay for it, and I dislike paying for it. It's a waste of dollars. The money the US spends on military aid to Israel could be better spent in countless ways than on a government that insists, invariably, on exacerbating international problems.
UPDATE. I seem to agree with NTodd, which gives me pause as to the veracity of my thesis...