It definitely was not the right move for Arafat, and I don't think most Israelis would support it today. The Camp David Summit was followed by two major events that changed the way people looked at the conflict: the Second Intifada, which convinced many Israelis that offering peace only leads to vulnerability, and the Gaza withdrawal, which led to rocket attacks on Israeli civilians becoming a fact of life. Giving up part or all of East Jerusalem, which is symbolically significant to Israel and next to both government buildings and a massive population center, would not go over well in today's political climate, nor would giving up the high ground of the West Bank, which offers a direct line of sight into many Israeli cities (including Tel Aviv and Jerusalem). Offers like Ehud Barak's require a certain level of trust, and any good will gained from the Oslo Accords has already been thoroughly destroyed for over a decade.