The use of Herzl's lost hope of Jews being able to assimilate in other countries is a moot point at this time in history, I think. Things like the Dreyfus Affair were long ago, in times where emotions were much different. I have trouble thinking antisemitism is quite the type of force it was in Herzl's time, or even at the time of the slightly more recent 1948 war. Anyways, framing Israel as a nation for Jews and not Palestinians neglects the fact that there were settled families of Palestinians pushed out of current day Israel. I think, as well, that calling the one state solution a binational Israel is purposefully misrepresenting intent of what a one state solution would require. It would mean not centering a country's construction around religious and racial ideals, as a two state solution very easily leads to both sides doing.
Syrian troops sieze village above rebel-held parts of Aleppo (Reuters)
from the article: A binational Israel will hurt both Israelis and Palestinians