The mainstream media generally is not very friendly to Israel, seemingly blaming it for stalling the Middle East "peace process" and frequently parroting Arab propaganda. The Obama administration seems of similar bent.
I will not belabor the point, but just look at a map of the region and imagine the entire West Bank in the hands of Arabs most of whom wish only that all Jews die. Central Israel would be only 15 miles wide, with some of its main cities in Arab crosshairs. The same danger accrues to the Golan Heights.
Anyone who thinks a paper agreement "guaranteeing Israel's right to exist," assuming you can get the Arabs to sign it, is a guarantee of safety is smoking something. At a minimum. the western half of the West Bank, encompassing the high hills, is essential to Israeli survival.
The validity of an agreement depends on the character and morality of the signers. Witness the North Korean nuclear non-proliferation agreement negotiated with much fanfare by that great peacmaker, Jimmy Carter, some years ago. North Korea simply ignored it, using it to camouflage its ongoing nuke development program.
A current example of national character and morality is currently being played out in the aftermath of the Haitian earthquake. Among the very first responders, along with the U.S., Britain and France, was Israel, a nation of 7.5 million, who immediately sent a 220-person highly experienced rescue team (lots of local practice), including a fully-equipped and staffed large field hospital set up in Port-au-Prince and capable of treating 5000 patients per day. This team just rescued a 22-year-old man buried in the rubble for 10 days and treated him in their field hospital He is is stable condition.
Many other nations have sent money and supplies.
The oil-rich Arab and Muslim world has sent nothing.