I don't think it will be a big win for the Palestinians. One reason why this hasn't happened in the past is that there is no reliable, functional government in place that governs over all of the territory. You had Hamas in Gaza and the PLO in most of the West Bank and they don't see eye to eye. This hasn't changed. It will be difficult for these established governments to cooperate with a a fractured non-functional one so the benefits for the Palestinian people will only be patchy and homeopathic.

So I fear recognizing a Palestinian state is actually an impotent, diplomatic gesture - like: "we see what's going on there, it's horrible, and we don't have the resolve to do anything else to bring Israel back to the status quo ante." It's finger wagging at Israel more than actual support for the Palestinians. It's a gesture that can easily be reversed as well, like the orange one moving the US embassy to Jerusalem. And I think that's why these announcements of recognition fall on very deaf ears in Tel Aviv. It's political theater for the audiences in the countries whose governments have announced this. "Look, we are doing something! (But we're doing not that much really, we could do other things as well, isolate the Israeli government and/or cut it off palpably from necessary economic and military supply chain support. But we won't. It's a complicated conundrum, that Middle East. And we're not quite ready to jeopardize the existence of Israel over this.)"