Just to be devil's advocate, but if this land was so special, why did they leave it for so long? Seems like they just showed up one day and said, "This is our land from long ago. Palestinians, out!"
First off, it wasn't as if they chose to pack up and leave... they were forced out (i don't pretend to know the entire historical account of this).
And second, they didn't just decide to return one day. It was the UN that 'placed' them there after the end of WW2, when all the Jews were rescued from the camps. The choice was either: Give the Jews a part of Germany (i don't know how seriously this was considered, if at all)... or return them to their homeland. The UN chose the latter. Also an interesting factoid, Einstein was offered the seat of Prime Minister of Israel, but he turned it down.
As many, i sympathize with both. It's the central holy land to both religion if i'm correct... and if that's the case, then of course there will be tension between the two. Is it racism? I don't think so... they don't believe they're superior to everybody else... and they don't believe everybody else is inferior to them.