Well it means a lot of course. How do we know? Because it is being taken so seriously. The powers that be say that it will change nothing. But then why worry about it so much? It is because the Palestinians are about to win a great victory. It will not happen in the space of the real. That misery will continue unfortunately.
But the Palestinians have taken charge of the space of the symbolic. They own it and can do as they like. Israel and the US cannot do so...no one believes their gestures anymore. They can only fight and win (maybe) in the space of the real (which is why they say/hope that a new inttifadah will soon follow; that is the space of the real. They understand that and can work it. But the Palestinians have learned). But the other, symbolic space is out of their reach now, even for Obama, who is solid student of symbols.
The best play that the Palestinians can make now would be a purely symbolic one: go only to the UNSC and dare a veto. It is a game that they can win. (What effect that will have on the space of the real is another question but it may be substantial; what happens in the symbolic is more flexible than what can happen in the fixed space of the real. Think Virilio here: speedy politics wins).