I'm all for defending Israel from attacks onto its internationally recognized territory. You won't hear any argument from me there. However, Israel's current boundaries extend beyond that to occupied territory. Certainly the Palestinian will fight to try to take that land back.
Now I agree to a degree that, especially seeing that Palestine is clearly weaker than Israel militarily, that it's wasting its time fighting for it in military terms. Personally, if I were the leadership of Palestine, I'd order a ceasefire and at least try to enforce it on the Palestinian people, and then take the case to the UN General Assembly again asking Israel to return to within its pre-1967 borders.
Some might argue that if Israel refuses to give that land up when Palestine is fighting tooth and nail for it, that it is even less likely to give it back merely on a principled respect for the rule of law. What they'd be forgetting though would be the political impact. As long as Palestine continues to fight for that territory, it makes it easier to paint them as terrorists. Should they lay down their arm, Israel would certainly have no choice but to do the same under diplomatic pressure. Once the fighting ceases, heads would be a little more level, with possibly Zionist interests defending Israeli occupation of its post-1967 acquisitions, but with most countries siding with Palestine owing to clear international laws stipulating Israel's legitimate boundaries. That way, Palestine might be able to push some kind of limited embargo on Israel until it does cede its post-1967 acquisitions back to Palestine.
Palestine would also have the advantage of being able to make friends across the Arab world, but again, to avoid demonization based on prejudices, it could still encourage them not to take action against Israel except via UN resolutions against Israel and to push Israel to give its post1967 acquisitions back.
I realize this would likely require extremely cool heads seeing that it's quite understandable that Palestinians are outraged and so respond on emotion, which of course feeds the anti-Arab sentiment, ignoring that they are in fact fighting to take back land that international law itself recognizes and has always recognized as Palestinian land. Now sure some Palestinians want to wipe Israel off the map, but my guess is if israel gave them their legitimate land back, cooler heads would then prevail, not to mention that then we'd all be defending Israel's right to defend itself within its pre-1967 bounrdary.
The reason we're so divided on Israel in the first place is precisely because it's hard to morally defend a country that is occupying illegally conquered lands.
How many times has Israel given back territory to the Palestinians and various Arab countries only to have to retake it. In the summer of 1967, Arab leaders met in Khartoum in response to the war, to discuss the Arab position toward Israel. They reached consensus that there should be no recognition, no peace, and no negotiations with the State of Israel, the so-called "three no's".
The UN tried to prevent a war, but left at Egypt's request in 1973. I agree that it would be nice if Israel returned most of the land, but one place they will not return would be the Golan Heights. Bottom line who will guarantee that the Palestinians will leave Israel in peace? The UN has proven how ineffectual it is. The lands were conquered legally, Israel did not start this conflict, the world did.