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Palestine as a non-member observer state?

Palestine has now become a non-member observer state. Is this action enacted by the U.N. good, bad, or neutral and who is it good or bad for in the world?

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    Nov 30 2012: .
    Theoretically its good and we know this because Israel and the US aren't happy about it.
    Ofcourse theres no doubt Israel and the US will oppose actual statehood of Palestine infavor of 'Negotiations with Israel' (I.E/ We're going to take all your land piece by piece, so don't resist).

    With the way the UN is worked, Palestine won't be able to become a state as all it takes is for one superpower to veto the discussion even being brought up.

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