The General Assembly of the United Nations voted by a large margin to dramatically increase how they recognize Palestine today. This vote is a formal authorization by the U.N. which upgrades the Palestinian's status within the United Nations.
Here's the vote breakdown... Of the General Assembly voting states, 138 voted for, 9 voted against and 41 voted to abstain. The United States, Israel, Canada, and Panama were among those voting against.
The vote formally upgrades Palestine's status within the United Nations. Previously, Palestine was noted by the U.N. as a "permanent observer". Now they are recognized with heightened privileges. The formal new status is called "non-member state". This status is the same level of recognition within the United Nations as the Vatican. Palestine will have access to U.N. committee work and other concessions.
The international repercussions abound. Palestine could seek "protections" from Israel during conflicts like the recent attacks spawned by Hamas in Gaza. Which Palestine has pressed to acquire more land. Should tensions explode between Israel and Palestine, the Palestinians could seek direct military support from neighboring countries (states). Diplomatic efforts could be made difficult as the Palestinians now feel emboldened to move forward as they now see their new found U.N. status as a heavy hand of power.
As a side line observation, notice the heavy tilt of the votes by U.N. countries for Palestine. And, notice how ineffective the United States Ambassador Susan Rice was at acquiring votes against to support Israel. Her inability to perform underscores her lack of experience and knowledge to serve as a U.S. diplomat. Much less, as Secretary of State.