The Palestinians have announced that they will allow some time for the UN Security to consider their request (has it been made yet?) for full membership before they turn to the General Assembly. This will allow the Quartet time to bring the Israelis and Palestinians back to the negotiating table. This also signals the end of the Palestinian bid at the UN.
The pressure was just too great for the Palestinian leadership to bear. It is actually a sad moment if you contemplate just how powerless the Palestinians are and how unjust their lot. They recognized Israel. They foreswore violence. They pursued diplomacy. And now they have the world's greatest power telling them "not yet." I credit Abbas for bringing Palestinian independence front and center. Obama has now delivered for Bibi. Let's see how Bibi pays him back.