High taxes, security issues, worldwide scorn, shaky economy, not as much opportunity as other western countries, to name a few drawbacks. Those are enough reasons for me not to live there.
A friend of mine, who's Jewish, lived there for about a year. This was before the current mess of a situation. He liked the culture and the weather, but said it wasn't worth living there unless you truly believed in a Jewish state. His assessment was based on economic factors alone, disregarding security concerns, which weren't that bad at the time.
Based on his conclusion, it seems to me that the only reason people would live there would be to live in a Jewish state. To me, that just isn't good enough of a reason to haul up and move, like many Jews in North America, Russia and Europe seem to be doing.
Take this as you like; I'm making an honest judgment. Nowhere do I mention anything about Israel vs. Palestine. I really have no opinion on the issue one way or the other. If anyone makes this into an argument, it’s others, not me.